MFs can invest in overseas funds with exposure to Indian securities

economictimes.indiatimes.com:

asset managers will now be able to invest in overseas mutual funds and unit trusts that have exposure to Indian securities.

The move is aimed at facilitating ease of investment, increasing transparency and enabling diversification in overseas investments, Sebi said on Monday.

The total exposure by such foreign funds should not be more than 25% of their assets, the regulator said in a circular.

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The new rule comes into force immediately.

Fund houses will have to ensure that the contribution of all investors of the overseas mutual fund is pooled into a single investment vehicle, with no side- vehicles including segregated portfolios, sub-funds or protected cells, Sebi said.

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