Mumbai: Stock market regulator said on Friday it is working on guidelines to allow foreign nationals to invest in Indian mutual funds.
“It is a matter of weeks, and not months,” said K.N. Vaidyanathan, executive director of the investment management department at the Securities and Exchange Board of India.
Sebi is currently in discussions with the finance ministry and the country’s central bank in this regard, he added.
The move was first proposed by finance minister Pranab Mukherjee in the 2011-12 Budget.
At present, only foreign institutional investors and sub-accounts registered with the Sebi, and non-resident Indians are allowed to invest in Indian mutual fund schemes.