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Media reports state that foreign owned mutual funds are planning to reach out to the Securities & Exchange Board of India (SEBI) to seek resolution to the recent changes made in the Foreign Exchange Management Act (FEMA) guidelines. The Association of Mutual Funds in India (AMFI) is expected to approach SEBI, representing such fund houses, to discuss the issue. Following SEBI’s consultation, fund houses may also approach the Department of Economic Affairs and the Reserve Bank of India (RBI).