The Securities and Exchange Board of India (Sebi) said no mutual fund (MF) scheme shall invest more than 30% in money market institutions. However, it added, that the schemes may continue to invest up to 15-20% of net assets as the case may be. It further announced that the limits would not cover investments in government securities (G-secs), CrossBorder Linux Open Source (CBLOs) and treasury bills (T-Bills). SEBI approved the plan to enable MFs and FIIs to invest in IDRs subject to Federal Emergency Management Agency (FEMA) as well as Demat holding of IDRs and issue of DRs by custodians.The SEBI board has decides to take legal opinion on National Securities Depository Ltd (NSDL) order issue from outside and awaits independent legal view before acting against NSDL. A sub-committee report on NSDL is to be withheld pending legal opinion.