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Sagar Bhadra
Sharvari Patwa

Mumbai, Nov. 2 Dubai-based mutual funds are keen to tap the Indian market. That country’s finanacial regulator, Dubai Financial Services Authority (DFSA), has discussed with the Securities and Exchange Board of India (SEBI) the possibility of allowing Dubai mutual funds to be directly marketed and sold in India.

“We have indicated to SEBI that we are interested in an arrangement wherein Dubai International Financial Centre (DIFC) region’s mutual funds can be marketed and sold directly in India, Mr Paul M Koster, Chief Executive, DFSA, told Business Line on the sidelines of a recent Dubai- India economic partnership conference in the city.

The DIFC region is the financial hub of Dubai and has 1,643 registered mutual funds, out of which five are domestic (to Dubai) funds with a collective assets under management (AUM) of $290 million as of November 2008.

“DFSA’s proposal might mean a paradigm shift in the policy regime in India as far as mutual fund regulations are concerned,” said a senior India-based regulatory expert.

Currently, no regulation exists that would allow an international fund to market and sell its products directly in India, said Mr A.P. Kurian, Chairman, Association of Mutual Funds in India.

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