GENERAL MANAGER

INVESTMENT MANAGEMENT DEPARTMENT

SEBI/IMD/CIR No. 7/ 5573/04

March 19, 2004

 All Mutual Funds registered with SEBI Association of Mutual Funds in India (AMFI)

Dear Sirs,

 Sub: Investment in foreign securities by Mutual Funds

 Please refer to SEBI circulars MFD/CIR/17/419/02 dated March 30, 2002, MFD/CIR/18/21826/2002 dated November 7, 2002 and SEBI/MFD/CIR No.02/6855/03 dated April 4, 2003 pertaining to investment by mutual funds in foreign securities.

It has now been decided to permit each mutual fund to invest in foreign securities up to 10% of their net assets as on January 31 of each relevant year ( instead of the present reference date of January 31, 2003). e.g. the reference date upto January 30, 2005 shall be January 31, 2004.

All other conditions specified in the above mentioned circulars remain unchanged.

The above clarification is being issued in accordance with Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.

Yours faithfully,

SURESH GUPTA

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