SEBI's amendments to its mutual fund regulations have been
notified in the Gazette of India on August 30. The Government had in June
released guidelines for infrastructure debt funds that can be set up by mutual
funds and NBFCs. While SEBI will monitor the schemes launched by mutual funds,
NBFCs launching such schemes will be regulated by the RBI.
The notification by SEBI defines an infrastructure debt fund
scheme as a mutual fund scheme that invests primarily (minimum 90 percent of
scheme assets) in the debt securities or securitized debt instruments of
infrastructure companies or infrastructure capital companies or infrastructure
projects or special purpose vehicles which are created for the purpose of
facilitating or promoting investment in infrastructure, and other permissible
assets in accordance with these regulations or bank loans in respect of completed
and revenue generating projects of infrastructure companies or projects or
special purpose vehicles.
An existing mutual fund may launch an infrastructure debt
fund scheme if it has an adequate number of key personnel having adequate
experience in infrastructure sector.
Source: http://www.thehindubusinessline.com/markets/stock-markets/article2430206.ece
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