Market regulator SEBI has allowed mutual funds to invest up to four billion dollars in ADRs, GDRs, foreign securities and overseas exchange traded funds.
"Pursuant to the enhancement in overseas investment limits by RBI, it has now been decided that mutual funds can invest in ADRs, GDRs, foreign securities within overall limit of four billion dollars," the Securities and Exchange Board of India (SEBI) said in a circular.
The circular was issued following the announced by the Reserve Bank of India (RBI) in its annual credit policy.
The investment will be with a sub-ceiling for individual mutual funds. This should not exceed 10 per cent of the net assets managed by them as on March 31 of each relevant year, and subject to a maximum of 200 million dollars per mutual fund, it said.
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