Indian mutual funds, private equity houses and wealth managers may run into a regulatory hurdle in the United Arab Emirates (UAE), a large offshore market for financial products.
In a recent order, the UAE's Securities & Commodities Authority (SCA) has instructed distributors and investment advisors to seek its approval before selling a product.
"Prior to any promotion, an application for the promotion of foreign mutual fund units must be submitted to the SCA by the local promoter (product distributor, banks selling third-party investment products, etc) ... enclosing the documents stated in the form for each fund wishing to promote its units within the UAE," the circular said.
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