• Date: 01-01-1970
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Does an NRI, PIO, FII require any approval from the RBI to invest in mutual fund schemes?

No special approval is required.NRIs/FIIs have been granted a general permission by RBI [Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000] for investing in /redeeming units of the schemes subject to conditions set out in the aforesaid regulations. However, PIO's need to attach a copy of the PIO card with the application form at the time of investing.