To make it easier for foreign fund managers keen to relocate to India, markets regulator Sebi's board on Friday approved a proposal to allow them to act as 'Portfolio Managers' under a relaxed regulatory regime.
The move assumes significance in the wake of the government already having announced taxation incentives for the offshore fund managers willing to relocate to India.
At a meeting here on Friday, Sebi's board approved issuance of a consultation paper for 'amendments to the Sebi (Portfolio Managers) Regulations, 1993', which would make it easier for the overseas funds to relocate to Indian shores.
The proposed amendments include a separate section on 'Eligible Fund Managers' that would specify conditions that will apply to their activities as portfolio managers.
The new rules would also specify the procedure to be followed by a Sebi-registered Portfolio Manager to function as an Eligible Fund Manager.
Besides, Sebi would lay out the procedure for registration of an existing foreign based fund manager desirous of relocating to India or a fresh applicant to function as an Eligible Fund Manager.