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REMFS APPROVED
By ronitkumar | August 2, 2008
The cloud over real estate mutual funds (REMF) has lifted. The finance ministry has brushed aside RBI’s concerns of REMFs violating foreign direct investment (FDI) norms in the realty sector. North Block has said the central bank’s concern – stating that REMF scheme notified by Sebi in April contradicted FDI norms-was unwarranted. The finance ministry view could pave way for the launch of new investment avenues for small investors keen to tap the real estate sector’s growth potential. The doubts raised by RBI added to the hesitation in REMF launches.
Courtesy:ET Realty 01-08-2008
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