The Indian government is seeking to permit foreign investors to invest in local mutual funds from July, The Wall Street Journal reports. The government is likely to cap the investments by foreigners in local mutual funds at $10 billion.

Presently, only foreign funds and sub-accounts registered with the regulator and non-resident Indians are allowed to invest in local mutual funds. Investors will be able to buy mutual funds through depositories already functioning in their countries or by opening an account with Indian depositories.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Times of India.