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Govt to allow foreign investment in mutual funds from 1 August

Govt to allow foreign investment in mutual funds from 1 August
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First Published: Fri, Jul 22 2011. 03 10 PM IST
Updated: Fri, Jul 22 2011. 03 10 PM IST
New Delhi: India will allow qualified foreign investors to invest up to $10 billion in domestic mutual funds from 1 August, a senior finance ministry official said on Friday.
The government expects good inflows from qualified financial institutions into mutual funds in this fiscal year to March 2012, Thomas Mathew, joint secretary, capital markets at the finance ministry, told reporters on Friday.
The move to allow qualified foreign investors was first proposed by finance minister Pranab Mukherjee in the budget for the fiscal year that started on 1 April.
At present, only foreign institutional investors and sub-accounts registered with the market regulator Securities and Exchange Board of India, and non-resident Indians are allowed to invest in Indian mutual fund schemes.
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First Published: Fri, Jul 22 2011. 03 10 PM IST