In a long awaited decision the Securities and Exchange Board of India SEBI, the countryÆs stock market regulator, on June 26 approved guidelines for real estate mutual funds. SEBI clarified that the ôReal Estate Mutual Fund Scheme REMFs means a scheme of a mutual fund which has an investment objective to invest directly or indirectly in real estate property and shall be governed by the provisions and guidelines under SEBI Mutual Funds regulations.ö
SEBI has permitted the product, at least for now, with stringent requirements that only close-ended funds will be allowed to be launched, units will have to be compulsorily listed on the stock exchanges and an NAV net asset value of...
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