Indian Mutual Funds registered with SEBI are permitted to invest within the overall cap of USD 7 billion in:
ADRs / GDRs of the Indian and foreign companies;
equity of overseas companies listed on recognized overseas stock exchanges; initial and follow on public offerings for listing at recognized overseas stock exchanges;
foreign debt securities- short term as well as long term with rating not below investment grade – in the countries with fully convertible currencies;
money market investments not below investment grade; repos where the counter party is not below investment grade;
government securities where countries are not rated below investment grade;
derivatives traded on recognized stock exchanges overseas only for hedging and portfolio balancing with underlying as securities;
short term deposits with banks overseas where the issuer is rated not below investment grade; and
units / securities issued by overseas Mutual Funds or Unit Trusts registered with overseas regulators.
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