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of <h1>Mutual fund investment universe limited to listed securities and regulated unlisted exceptions, with delivery trades and prudential caps</h1> Mutual fund schemes are restricted to invest in listed or to-be-listed equity, equity-related and debt securities, with specified exceptions for unlisted government securities, specified unlisted non-convertible debentures and other prescribed instruments, thereby limiting investment universe to primarily listed instruments. Investment in unrated debt instruments is permitted only subject to Board-prescribed conditions, thereby imposing regulatory conditions on such exposure. Schemes may invest in other schemes without charging fees within Board-prescribed limits, while no scheme may invest in a fund-of-funds; this prohibits intra-scheme investments into fund-of-funds and caps inter-scheme exposures. Fund-of-funds may invest only in mutual fund schemes (except short-term liquidity needs), thereby restricting asset allocation. Trades must be on delivery basis with mandated take-delivery/deliver obligations, subject to permitted short selling, securities lending/borrowing and exchange-traded derivatives frameworks and RBI-aligned sale of contracted government securities. Securities must be registered in the mutual fund's name, pending deployment funds may be placed in scheduled commercial bank short-term deposits as per Board guidelines, and all investments remain subject to Board-prescribed prudential limits.
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