Date:06/01/2007 URL: http://www.thehindubusinessline.com/2007/01/06/stories/2007010604761300.htm

Back MFs ceiling for overseas investment raised to $3b

Our Bureau

Mumbai , Jan. 5

The Security and Exchange Board of India has allowed mutual funds to invest in ADRs/ GDRs/ Foreign securities up to the overall limit of $3 billion, following the enhancement in overseas investment limits by the Reserve Bank of India.

The Sebi has also said individual mutual funds cannot invest more than 10 per cent of the net assets managed by them as on March 31 of each relevant year and will be subject to a maximum of $150 million per mutual fund.