Para 22 - Conditions on investment. - SEBI (International Financial Services Centres) Guidelines, 2015

CHAPTER VI FUNDS Conditions on investment. 22. (1) In order to make an investment in an alternative investment fund or a mutual fund operating in IFSC, the investor shall be: (i) a person resident outside India; (ii) a non-resident Indian; (iii) institutional investor resident in India who is eligible under FEMA to invest funds offshore, to the extent of outward investment permitted; (iv) person resident in India having a net worth of at least US Dollar one million during the preceding financial year who is eligible under FEMA to invest funds offshore, to the extent allowed in the Liberalized Remittance Scheme of Reserve Bank of India: Provided that investors referred to in clauses (ii) to (iv) may make an investment in an alternative investment fund or a mutual fund operating in IFSC, subject to guidelines of Reserve Bank of India. (2) Any alternative investment fund or mutual fund operating in IFSC shall accept money from eligible investors only in foreign currency. (3) Any alternative investment fund or mutual fund operating in IFSC shall be permitted to invest in the following: (a) Securities which are listed in IFSC; (b) Securities issued by companies incorporated in IFSC; (c) Securities issued by companies belonging to foreign jurisdiction. (4) An asset management company of a mutual fund operating in IFSC shall have a net worth of not less than USD two million which shall be increased to USD ten million within three years of commencement of business in IFSC. (5) The requirements such as appointment of trustee, custodian, manager, etc., shall be as specified by the Board. (6) The requirements regarding raising of funds in foreign currency such as minimum investment amount, minimum corpus of fund, disclosures, investment conditions, valuations, types of schemes, professional qualifications, etc., shall be as specified by the Board.