Sebi notifies norms for mutual funds managing offshore money
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Simplifying norms for domestic funds to manage offshore pooled assets, Sebi has dropped '20-25 rule', which required a minimum of 20 investors and a cap of 25 per cent on investment by an individual, for funds from low-risk foreign investors.
As per the existing norms, a fund manager who is managing a domestic scheme, is allowed to manage an offshore fund, subject to three specific conditions.
The first requires the investment objective and asset allocation of the domestic scheme and of the offshore fund to be the same.
The second condition requires at least 70 per cent of the portfolio to be replicated across both the domestic scheme and the offshore fund.
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