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Sebi changes mutual fund investment norms

Sebi changes mutual fund investment norms
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First Published: Mon, Apr 13 2009. 11 29 PM IST
Updated: Mon, Apr 13 2009. 11 29 PM IST
New Delhi: The Securities and Exchange Board of India (Sebi) board on Monday changed mutual fund investment norms. Mutual fund schemes will not be allowed to invest more than 30% of net assets in money market instruments of an issuer.
The schemes, however, can continue to invest up to 15% or 20% of net assets, as the case may be, in other investment grade debt instruments. These limits will not cover investments in government securities, treasury bills and certain other debt instruments.
The board also approved proposals to enable mutual funds and foreign institutional investors to invest in Indian depository receipts (IDRs) to Foreign Exchange Management Act, demat holding of IDRs and issue of depository receipts by custodians on behalf of issuers.
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First Published: Mon, Apr 13 2009. 11 29 PM IST