PPFAS Mutual Fund has stopped accepting investments from non-resident Indians based in the US and Canada, said chief executive officer Neil Parikh, at the fund house’s annual unitholders meeting recently. Parikh said this was because asset management companies are barred from marketing their fund in those countries.
Indian mutual fund companies need to register themselves with US and Canadian regulators if they want to market their funds there. Due to the cumbersome process of getting approvals from the regulators, almost all fund houses don’t offer online investing facilities to Indians residing outside the country.
