India’s capital markets regulator has amended its regulations to allow private equity firms to sponsor mutual funds entities.
The decision from the Securities and Exchange Board of India (SEBI) was made at its monthly board meeting at the end of March and came after three months of deliberation.
The regulator has also allowed PE firms to set up a mutual fund company.
To be eligible, the firm must have a minimum of five years’ experience in fund management and investment and prior experience in handling committed capital in excess of US$600 million.
According to SEBI chairperson Madhabi Puri Buch, the measures, which will take effect as of July, are designed to bring more innovation into the mutual funds industry.
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