Business Daily from THE HINDU group of publications
Thursday, Sep 27, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Sep 27, 2007 ePaper |
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Markets
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Overseas Investments Our Bureau Mumbai, Sept. 26 Indian mutual funds are now allowed to invest in a new basket of instruments overseas. The SEBI has expanded the scope for investment by Indian MFs, following the foreign investment relaxation announced by the RBI on Tuesday. The new categories of instruments include ADRs/GDRs issued by foreign companies, initial and follow-on public offerings, foreign debt securities in the countries with fully convertible currencies, which have a rating not below investment grade, and also money market instruments that are rated not below investment grade. Mutual fund can also invest in government securities of countries, which are rated not below investment grade. Other instruments include derivatives traded on recognised stock exchanges overseas only for hedging and portfolio balancing with underlying as securities, short-term deposits with banks overseas where the issuer is rated not below investment grade, units/securities issued by overseas mutual funds registered with overseas regulators and investing in approved securities of Real Estate Investment Trusts listed in recognised stock exchanges overseas or unlisted overseas securities which are less than 10 per cent of their net assets. The markets regulator has increased the limit for overseas investment by each mutual fund from $200 to 300 million. More Stories on : Overseas Investments | Mutual Funds
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