Explanation:

- Option 1: 15% - If SEBI had increased the limit to this, mutual funds could invest 15% of NAV in a single issuer's debt instruments.

- Option 2: 12% - SEBI revised the limit to allow mutual funds to invest up to 12% of NAV in a single issuer's debt instruments.

- Option 3: 14% - Increasing the limit to this would mean a further flexibility for MFs compared to the previous 10%.

- Option 4: 11% - This would only be a slight increment from 10%.

- Option 5: 13% - At this percentage, it would be slightly more than option 2.

The correct change made by SEBI in November 2022 was Option 2: 12% .