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The central bank has also raised FII investment in government securities with immediate effect by $5 billion to $20 billion.
Yesterday, the RBI allowed qualified foreign investors (QFIs) to invest in mutual fund schemes that hold at least 25% of their assets (either in debt or in equity or both) in the infrastructure sector under the current $3 billion sub-limit for investment in mutual funds related to infrastructure. This relaxation would be subject to review, it said.
QFIs were allowed to invest in MF debt schemes up to a limit of $3 billion within the overall limit of $25 billion for FII investment in non-convertible debentures/bonds issued by Indian companies in the infrastructure sector.
The central bank has also slashed the lock-in period for investments in infrastructure debt funds (DFs) for non-resident investments to one year. It said that the residual maturity of the instrument at the time of first purchase by an FII/eligible IDF investor should be at least 15 months. “Any reduction in lock-in for foreign investors in infrastructure funds would definitely help mutual funds,” says Debashish Mallick, CEO & MD, IDBI Mutual Fund.
Fund officials say that they have to wait for the final guidelines from SEBI.
The RBI also raised FII investment limit in government securities with immediate effect by $5 billion to $20 billion.