Mumbai, Sep 24 Markets regulator Sebi board on Thursday approved various proposals, including a comprehensive overhaul of portfolio manager rules and allowing foreign portfolio investors (FPIs) to participate in physically settled, non-agricultural commodity derivative contracts.
The board also cleared a proposal permitting portfolio managers to invest in initial public offerings (IPOs) and primary market debt issuances to broaden the investment universe and provide them access to wider market opportunities.
Further, the regulator approved a proposal allowing FPIs to participate in physically settled, non-agricultural commodity derivative contracts, according to a statement issued by the regulator after the board meeting here.
Also, it decided that Real Estate Investment Trusts (REITs) and publicly listed Infrastructure Investment Trusts (InvITs) may issue depository receipts (DRs) in permissible overseas jurisdictions.
The board proposed widening the pool of accredited investors by allowing individuals with securities market assets of Rs 5 crore and body corporates with such assets of Rs 20 crore to qualify, alongside the existing income and net-worth criteria.
The move aims to widen the pool of investors eligible for accredited investor status and consequently encourage greater participation in alternative investment funds (AIFs).
(PTI News)
