Sebi on Friday doubled the overseas investment limit of alternative investment funds and venture capital funds to $1.5 billion.

The decision has been taken in consultation with the Reserve Bank of India, Sebi said in a circular.

At present, Sebi-registered alternative investment funds (AIF) or venture capital funds (VCF) are permitted to invest overseas, subject to an overall limit of $750 million. “The said limit has now been enhanced to $1,500 million,” Sebi said.

Under the rules, AIFs and VCFs need to mandatorily disclose the utilisation of overseas investment limits within five working days of such use on the market regulator’s intermediary portal.

In case an AIF or venture capital fund (VCF) has not utilised the overseas limit granted them within six months from Sebi’s approval, the same needs to be reported within two working days after expiry of the validity period.