PGIM reopens global fund subscriptions; Invesco suspends fresh investments in 3 overseas schemes

PGIM India said the decision follows a series of changes to the subscription status of its overseas schemes since March this year. The move has been taken in the context of the overseas investment limits applicable to mutual funds.

From October 8, investors will be able to make fresh and additional lumpsum investments and switch-ins into the PGIM India Global Select Real Estate Securities Fund of Fund. Existing SIPs in the scheme will also continue.

However, fresh SIP and STP registrations will remain suspended, as will existing STPs into the scheme.

Invesco suspends lumpsum investments, switch-ins in three schemes

Meanwhile, Invesco Mutual Fund has temporarily suspended lumpsum purchases and switch-ins in three designated overseas schemes with effect from September 29. These are Invesco India - Invesco Global Equity Income Fund of Fund, Invesco India - Invesco Pan European Equity Fund of Fund and Invesco India - Invesco Global Consumer Trends Fund of Fund.

Invesco said the move was taken to avoid a potential breach of the overseas investment limits. The fund house has cited SEBI's June 17, 2022 communication, under which mutual funds can invest in overseas funds and securities up to the available headroom without breaching the applicable limits.

The suspension does not apply to redemptions, switch-outs, switches between plans or options, fresh Systematic Withdrawal Plan (SWP) registrations or processing of existing SWP instalments.

Invesco will continue to allow fresh registrations of SIPs, STPs and IDCW Transfer Plans in the designated schemes, subject to a ₹10 lakh per day per PAN limit at the first-holder level. The limit will also take into account instalments from existing SIPs, STPs and IDCW Transfer Plans being processed on that day. Transactions exceeding the limit will be rejected.

The restriction on registration of STPs and IDCW Transfer Plans applies only when the designated scheme is the target scheme.

The developments come as fund houses continue to manage subscriptions in overseas schemes within the regulatory limits on mutual fund investments abroad.

Aditya Birla Sun Life also resumes subscriptions in three global schemes