Permissible investments

34. (1) Subject to other provisions of these regulations, a restricted scheme may invest only in the following instruments or entities in IFSC, India or foreign jurisdiction:- (a) Unlisted securities; (b) Securities listed or to be listed or traded on stock exchanges; (c) Money market instruments; (d) Debt securities; (e) Securitised debt instruments, which are either asset backed or mortgage-backed securities; (f) Units of other investment schemes subject to appropriate disclosure in the placement memorandum; (g) Derivatives including commodity derivatives subject to suitable disclosures in the placement memorandum; (h) Limited liability partnerships; or (i) Such other securities or financial products/assets or instruments as specified by the Authority: Provided that pending deployment of monies, FME may invest in 17[***] units of investment schemes such as overnight, liquid or money market schemes, money market instruments, bank deposits or any other securities or financial assets or instruments as may be specified by the Authority. 18[Provided further that any monies received from the contributors prior to the first close in case of a close-ended scheme, or prior to raising USD 1 Million in funds in case of an open-ended scheme, shall be deployed only in such permissible investments as per sub-regulation (1) of regulation 34 that support preservation of capital and adequate liquidity of the monies deployed, such as bank deposits with option for premature withdrawal, overnight funds, etc., as disclosed by the FME in the placement memorandum.] (2) Any investment made under sub-regulation (1) shall be in accordance with the provisions of these regulations, investment objective of the restricted scheme and disclosures made in the placement memorandum. (3) In addition to the above, a close ended scheme may invest up to twenty per cent. (20%) of the corpus in physical assets such as real estate, bullion, art or any other physical asset as may be specified by the Authority.