PGIM India Mutual Fund has imposed temporary restrictions on investment in its overseas focused funds including Global Equity Opportunities Fund of Fund, Emerging Markets Equity Fund of Fund and PGIM India Global Select Real Estate Securities Fund of Fund.
The fund house will process only existing systematic investment plans in these schemes and stopped accepting lumpsum and new SIP registration.
The move follows SEBI’s directions to all fund houses not to breach the individual limits assigned to them. The markets regulator had restricted MF overseas investments to a total industry limit of $7 billion, with an additional $1 billion for overseas ETFs. The limits, mandated by the RBI, have caused several fund houses to pause new inflows into foreign-focused schemes.