India is planning to allow foreign individuals to invest up to $10 billion in mutual funds, Economic Times reports. The government will introduce a new class of investors, Qualified Foreign Investors (QFIs), to allow foreigners in the mutual fund industry.
QFIs registered with depository participants can invest in mutual funds directly and through the Unit Confirmation Receipt (UCR) system mechanism. The finance ministry, the Reserve Bank of India and the Securities and Exchange Board of India are framing the guidelines.
Click here for the story from Economic Times.