Permissible investments by Portfolio Managers, Alternate Investment Funds and Mutual Funds operating in IFSC
Summary
This circular amends Clauses 9(4) and 22(3) of the SEBI (IFSC) Guidelines, 2015 to specify permissible investments for Portfolio Managers, Alternative Investment Funds, and Mutual Funds operating in IFSC. The amendments allow these entities to invest in securities listed in IFSC, issued by companies incorporated in IFSC, India, or foreign jurisdictions, subject to RBI and Government of India guidelines. Additionally, it clarifies that such investments in India must be made through the Foreign Portfolio Investor route.
Text
A portfolio manager operating in IFSC shall be permitted to invest in: a) Securities which are listed in IFSC; b) Securities issued by companies incorporated in IFSC; c) Securities issued by companies incorporated in India or companies belonging to foreign jurisdiction. subject to such conditions or guidelines that may be stipulated or issued by the Reserve Bank of India and Government of India from time to time
Any alternative investment fund or mutual fund operating in IFSC shall be permitted to invest in: a) Securities which are listed in IFSC; b) Securities issued by companies incorporated in IFSC; c) Securities issued by companies incorporated in India or companies belonging to foreign jurisdiction. subject to such conditions or guidelines that may be stipulated or issued by the Reserve Bank of India and Government of India from time to time
Further, it is clarified that such portfolio manager, alternative investment fund or mutual fund shall invest in India through the foreign portfolio investor route.
Source: SecMarx — Permissible investments by Portfolio Managers, Alternate Investment Funds and Mutual Funds operating in IFSC. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.