Mutual funds foreign investment
Mutual funds have to adhere to restrictions applicable to foreign investment
None of the foreign owned or controlled mutual funds (MFs) have fulfilled their reporting obligations as mandated by the new Foreign Exchange Management Act (FEMA) norms notified a month ago, pending clarity from the government on the issue.
Fund houses have decided to maintain status quo following assurances from the Securities and Exchange Board of India (Sebi) as well as custodians that the guidelines impacting MFs would be amended soon.
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