Global mutual fund schemes might come to your doorstep

Confirming this development, A. P. Kurian, chairman, Amfi, said: “The new RBI notification comes at a very opportune moment for the industry. We are pursuing a dialogue with the market regulator, to work out modalities to market schemes like Megallon, which finds a place in the portfolio of every investor in the US today.”

This apart, there’s a move by fund houses to launch specialised schemes to suit new RBI guidelines on forex expenditure. “We are also very keen to work out modalities for fund houses to come out with specialised products of their own that would invest the same amount on behalf of the investor. This would also stand to benefit the investor, who gets the advantage of the expertise of the fund manager in global fund management.”

For the likes of Sanjay Sachdev, CEO and managing director, Principal Mutual Fund, it spells widespread reach of their fund management expertise. “Once we get the clarifications and the green signal from the authorities, we would be keen to launch a scheme. This would be a dollar-based scheme tailored for an Indian investor,” Sachdev said.

It is to be noted that Principal Mutual Fund is all set to launch a ‘Global Opportunities Fund’ in mid-February. A rupee-based scheme, this will give investors the opportunity to invest in the parent MNCs listed on their local stock exchanges.