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Capital market regulator SEBI has allowed asset management companies (AMC) of mutual funds to provide management and advisory services to foreign portfolio investors owned by central banks, sovereign wealth funds, international multilateral organisations and other agencies including entities controlled or at least 75 per cent owned by such Government.
This apart, they can also provide asset management service to regulated entities such as pension funds, insurance or reinsurance entities, banks and mutual funds besides foreign portfolio investors where the regulated entities own over 50 per cent of share.
SEBI has given one-year exit time to AMCs which are already providing management and advisory services to such foreign portfolio investors which are not falling under the above categories.
The new norms will come into effect immediately, it said.
In September, the regulator had issued norms on classification for FPIs and simplified their registration process as part of ease of doing business in India.
Under the new framework, FPIs have been classified into two categories instead of three.
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