Invesco seeks SEBI's nod to set up fund in China

Last year, the Securities and Exchanges Board reportedly found prima facie evidence about Invesco Inia Asset Management Company violating norms to transfer debt to offshore accounts. The market regulator also found that Invesco India slipped poor quality bonds into the schemes meant for retail investors.

Now Invesco Mutual Fund has approached SEBI for its approval as it seeks to set up Invesco China Fund of Fund.

Under the new scheme, Invesco will invest 95 per cent of the units or shares of foreign index funds also known as exchange traded funds, and as much as 5 per cent of its assets in debt and money market instruments.