Shriram AMC gets Sebi nod for offshore fund management

Shriram Asset Management Company Ltd today said it has got market regulator Sebi's approval to manage offshore funds. "The company has recently got the go-ahead from Securities and Exchange Board of India (Sebi) to undertake 'offshore fund management'," Shriram Asset Management Company said in a statement. Simplifying norms for domestic funds to manage offshore pooled assets, Sebi earlier this year, among others had dropped '20-25 rule', which required a minimum of 20 investors and a cap of 25 per cent on investment by an individual, for funds from low-risk foreign investors.

"India's relatively higher growth and diversity of themes present an attractive opportunity for foreign investors over the medium-to-long term", Shriram AMC said. "The sentiments have become investor-friendly due to government's announcement of a series of reform measures in recent months, such as not imposing retrospective MAT on overseas investors for the years prior to April 1, 2015", it added. PTI