SEBI eases rules for foreign fund managers
The market regulator Securities and Exchange Board of India (SEBI) has amended the SEBI (Portfolio Managers) Regulations, 1993 to provide an enabling framework for registration of Eligible Fund Managers (EFMs). The changes were made with an aim to develop and promote fund management industry in India. It make easier for foreign fund managers keen to enter India. It also allows EFMs to act as Portfolio Managers under a relaxed regulatory regime.SEBI’s move assumes significance in the wake of the recent Union Government’s announcement of taxation incentives for the offshore fund managers willing to relocate to India.