Securities and Exchange Board of India Chief M Damodaran on Thursday said the guidelines for the real estate mutual funds would be out next week and the much-awaited capital protection schemes too would be announced soon.
The Gold Exchange Traded Funds would be next on the agenda of the market regulator and it would come out with clear guidelines by next month.
"The guidelines for real estate funds would be out by next week and we are closer to the launch of capital protection schemes," he said while delivering the keynote address at the CII-organised Mutual Fund Summit 2006 being held in Mumbai on Thursday.
On the volatile market, he said mutual funds have become far more significant players today than they were six months ago. Earlier, when FIIs were net sellers, the Sensex would go down, but now when they are net sellers, the market has gone up and when net buyers, the market has gone down, he added.
"The Indian mutual fund industry has to step up its pace and Indian markets should be driven by Indian funds," Damodaran said.
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