Debt Funds
- In Sept 2011, RBI issued guidelines for permitting banks and NBFCs to set up IDFs to help meet long term financing for the sector
- IDFs would be set up either as MFs or NBFCs
- NBFC sponsoring IDF-MF should have a minimum net owned funds of Rs 300 crore and CAR of 15 percent
- Besides, its NPAs should be less than 3% of net advances and the NBFCs should have been in existence for at least five years and earning profits for the last three years
- Banks and NBFCs would be eligible to sponsor IDFs as Mutual Funds with prior approval of the RBI
- SEBI has amended the Mutual Funds Regulations to provide regulatory framework for IDF-MFs
- Banks acting as sponsors to IDF-MFs would be subject to existing prudential limits including limits on investments in financial Services companies and limits on Capital Market exposure
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