Sebi moves to MFs on par with FIIs
Mumbai: A high level committee has been appointed by SEBI to work out details of creating a greater level-playing field between domestic mutual funds and foreign institutional investors.

The committee’s subgroup is said to be working on allowing domestic mutual funds to invest abroad in other instruments as well (against ADRs and GDRs right now) and is also looking at removing certain procedural hassles for them.

Other changes that may benefit the mutual funds are: bringing down the time for which an initial offering by a mutual fund remains open to 42 days from 90 days, disclosure of balance sheets by asset management companies even if they are unlisted as the case most often is and the problem of unclaimed amounts lying with mutual funds.

Sebi is also said to be finalising a code of conduct for employees as AMCs. A code for best practices is also being readied and more effort is being placed on launching investor education programmes.
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