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of <h1>RBI Allows Mutual Funds to Issue Units to NRIs and OCBs Under FERA 1973, With SEBI Compliance Required</h1> The Reserve Bank of India has issued a notification under the Foreign Exchange Regulation Act, 1973, allowing mutual funds to issue units to Non-Resident Indians (NRIs) and Overseas Corporate Bodies (OCBs) on a repatriation or non-repatriation basis. These mutual funds must comply with the Securities and Exchange Board of India's regulations. Investments on a repatriation basis require funds to be received through normal banking channels or from NRE/FCNR accounts, while non-repatriation investments can use NRE/FCNR/NRO/NRSR accounts. Repurchase of units is permitted under specified conditions, with proceeds credited to appropriate accounts based on the investment type.
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