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SEBI widens scope of investments made by portfolio manager, MF as per IFSC norms

Published: May 25, 2017

SEBI widens scope of investments made by portfolio manager, MF as per IFSC norms

By TIOLCORP News Service

MUMBAI, MAY 25, 2017: THE Securities and Exchange Board of India (SEBI) has vide a circular dated May 23, 2017 amended clauses 9(4) and 22(3) of the SEBI (International Financial Services Centres) Guidelines, 2015. The SEBI (IFSC) Guidelines were notified on on March 27, 2015. The said clauses specify the securities in which portfolio managers and alternative investment fund or mutual fund respectively, operating in IFSC, are permitted to invest in.

As per the amended provisions a portfolio manager operating in IFSC shall be permitted to invest in - a) Securities which are listed in IFSC; b) Securities issued by companies incorporated in IFSC; c) Securities issued by companies incorporated in India or companies belonging to foreign jurisdiction. Similarly, an alternative investment fund or mutual fund operating in IFSC shall be permitted to invest in - a) Securities which are listed in IFSC; b) Securities issued by companies incorporated in IFSC; c) Securities issued by companies incorporated in India or companies belonging to foreign jurisdiction.

However, such investment shall be subject to such conditions or guidelines that may be stipulated or issued by the Reserve Bank of India and Government of India from time to time.

Permission to invest in securities issued by companies incorporated in India was not given earlier. It was also clarified that such portfolio manager, alternative investment fund or mutual fund shall invest in India through the foreign portfolio investor route.

(See - Circular)

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