The Securities and Exchange Board of India has issued new guidelines for overseas investments, allowing domestic mutual funds to put up to 10% of their net assets, capped at US$50 million, abroad. Under the new rules, mutual funds must be in business for at least 10 years before they are permitted to invest in exchange-traded funds, and SEBI has put a $1 billion cap on all mutual fund investment in foreign ETFs and a $2 billion limit on all overseas securities investments, up from the current $100 million. SEBI also requires mutual funds to appoint a dedicated fund manager to handle overseas investments.