Overseas Investments by Mutual Funds - Limit raised to US$7 bn

DEPUTY GENERAL MANAGER
INVESTMENT MANAGEMENT DEPARTMENT
SEBI/IMD/CIR No.2/122577/08
April 8, 2008

All Mutual Funds Registered with SEBI
Association of Mutual Funds in India (AMFI)

Dear Sirs,

Re: Overseas Investments by Mutual Funds

1. Please refer to clause 1 (a) of SEBI Circular SEBI/IMD/CIR No.7/104753/08
dated September 26, 2007 pertaining to overseas investments by mutual
funds.

2. In consultation with Govt. of India and RBI, it has now been decided to
enhance the aggregate ceiling for overseas investment to US$7 bn.

3. All other conditions specified in the above mentioned circular remain
unchanged.

4. These guidelines are issued in exercise of powers conferred under Section
11(1) of the Securities and Exchange Board of India Act, 1992 read with the
provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.

Yours faithfully,
Ruchi Chojer