Indian AMCs Launching Offshore Funds Now Only Need SEBI Approval; Quarterly Reporting to RBI Required.

Indian Asset Management Companies (AMCs) launching offshore funds must obtain approval from the Securities and Exchange Board of India (SEBI) and previously required Reserve Bank of India (RBI) approval for issuing units, remitting dividends, and redeeming units for overseas investors. To streamline this process, AMCs can now proceed with these activities after obtaining SEBI approval, subject to quarterly reporting requirements. Authorized dealers are instructed to inform relevant parties of this change. These directions are issued under the Foreign Exchange Management Act, 1999. A specified format for reporting inflow and outflow details to the RBI is provided.

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