Permissible investments

46. (1) Subject to other provisions of these regulations, a retail scheme may invest only in the following instruments or entities in IFSC, India or foreign jurisdictions:- (a) Securities listed or to be listed or traded on stock exchanges; (b) Unlisted securities; (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 offer documents; (g) Derivatives including commodity derivatives only for the purpose of hedging subject to suitable disclosures in the offer document; or (h) Such other securities or financial products/ assets or instruments as specified by the Authority: Provided that pending deployment of monies, FME may invest in 31[***] 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. 32[Provided further that any monies received from the contributors prior to achieving the minimum size as specified under sub-regulation (6) of regulation 47 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 46 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 offer document.] (2) Any investment made under sub-regulation (1) shall be in accordance with the provisions of these regulations, investment objective of the retail scheme and disclosures in the offer document.