New Delhi, Jun 29 (PTI) Markets regulator Sebi on Tuesday approved a slew of measures, including amendments to norms related to independent directors and the introduction of a framework for accredited investors.
Among other proposals, the watchdog has decided to allow resident Indian fund managers to be constituents of foreign portfolio investors and also amend mutual funds rules to provide for the investment of a minimum amount as 'skin in the game' in the schemes by asset management companies (AMCs) based on the risk associated with such schemes.
At present, the requirement is an investment of one per cent of the amount raised in a New Fund Offer (NFO) or an amount of Rs 50 lakh, whichever is less.
These decisions were taken by the Sebi board at its meeting held on Tuesday.
Accredited investors could be individuals, HUFs, family trusts, sole proprietorships, partnership firms, trusts and body corporates based on financial parameters, Sebi said in a statement. PTI SP RAM BAL