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This is an archive article published on July 22, 1998

Norms for MFs to invest abroad

MUMBAI, July 21: SEBI has completed the modalities for mutual funds to invest abroad and is expected to unveil its report on permitting I...

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MUMBAI, July 21: SEBI has completed the modalities for mutual funds to invest abroad and is expected to unveil its report on permitting Indian mutual funds to invest abroad very soon. The panel has recommended that domestic mutual funds should also to be allowed to invest in the GDR and ADR market in the same way as the FIIs investing in India are allowed.

Speaking at a seminar, SEBI chairman, D R Mehta said, "FIIs operating in India take advantage of buying in the GDR and ADR market when the prices are low and then sell these shares in the Indian market thus making profits". He said through this facility even domestic mutual funds would be able to take advantage of the arbitrage opportunities available.

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