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TMI BlogOverseas Investment by Mutual Funds - LiberalisationX X X X Extracts X X X X X X X X Extracts X X X X ..... Category - I (AD Category - I) banks is invited to Regulation 6C and Regulation 26 of Notification No.FEMA120/RB-2004 dated July 7,2004, [Foreign Exchange Management (Transfer or Issue of Any Foreign Security)Regulations, 2004] as amended from time to time (the Notification) and A. P. (DIR Series) Circular No. 97 dated April 29, 2003, A. P. (DIR Series) Circular No. 3 dated July 26, 2006, A. P. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Overseas Investment Mutual Funds, registered with SEBI are presently permitted to invest in ADRs / GDRs of Indian and foreign companies, rated debt instruments not below investment grade by accredited/registered credit rating agencies, in the equity of overseas companies listed on a recognized stock exchange overseas, in overseas mutual funds that make nominal investments (say to the extent of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t below investment grade by accredited / registered credit rating agencies; v) money market instruments rated not below investment grade; vi) repos in the form of investment, where the counterparty is rated not below investment grade. The repos should not, however, involve any borrowing of funds by mutual funds; vii) government securities where the countries are rated not below investm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al purposes with appropriate modifications to include the above mentioned additional categories of investments. AD Category - I banks may note to submit monthly report to Reserve Bank on or before 10th of the following month. Non-submission of the report would be viewed seriously by the Bank 5. AD Category - I banks may bring the contents of this circular to the notice of their constituents and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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