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Mumbai March 29 The capital market regulator Securities and Exchange Board of India will now allow hedge funds to directly invest in Indian markets.

The SEBI Chairman, Mr M. Damodaran, said hedge funds will be allowed on merit to make a front door entry into the Indian equity markets.

Currently, hedge funds are not allowed to invest in our markets directly but do so through the participatory note route.

Mr Damodaran said the IOSCO conference to be held in Mumbai in April would address details relating to hedge funds.

The Chairman said those who were not investing in their names would be allowed, subject to SEBI's comfort levels.

He added: "If India story is a good story, then these funds should directly come and invest in our markets. We should know who the investors are rather than them participating through the offshore derivative route."

SEBI will also consult with international regulators before allowing their entry in the country.

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