Issue of Units of Mutual Funds General Permission

The Continuity Constant

At present, Indian Asset Management Companies (AMCs) who launch off-shore funds abroad have to obtain SEBI's approval for such schemes.

They are also required to obtain RBI's prior approval for issue of units, remittance of dividend and redemption of units.

In order to provide single window clearance, in consultation with SEBI, it is proposed:

To accord general permission to AMCs to issue units, remit dividend and redeem the units issued, once SEBI's approval is obtained for launching off-shore funds, subject to reporting requirements.