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New Delhi, Jan. 7 The Government has clarified that a mutual fund should have more than 50 per cent holding by State-owned financial institutions or banks (individually or collectively) and also has to be regulated by the Securities and Exchange Board of India to be classified as a public sector mutual fund .

The Department of Public Enterprises in a release has said that it had received a number of references from different Ministries, public sector enterprises and other agencies seeking clarification in regard to the definition of a public sector mutual fund.

“The clarification follows the Government allowing navratna and mini-ratna public sector companies to invest surplus funds in public sector mutual funds. The DPE has also requested various Ministries and departments to advise the navratna and mini-ratna public enterprises under their control accordingly on the issue,” an official release said.

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