The government of India is seeking to launch a new investor class, qualified foreign investors (QFIs), to boost the flow of foreign funds into mutual funds, Business Standard reports. As per the proposal, foreign individual investors registered with depositories either in India or abroad can invest in mutual funds in India.

Investments can also be made through a mechanism, the unit confirmation receipt system (UCR). Foreign investor can go to depositories in their home country and place orders on custodian banks in India. The custodian banks will look into the mutual funds and issue UCRs against them.

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Click here for the additional coverage from The Hindustan Times.