How can US based NRIs invest in MFs? I see a lot of MF houses don't accept US based applications.
Yes, most of the Indian mutual fund houses have stopped accepting funds from US/Canada based NRIs. This is because the Foreign Account Tax Compliance Act (FATCA) makes it compulsory for all financial institutions in the world to report to the US Government comprehensive details of all transactions involving US persons which includes NRI. The fund houses that are still accepting applications from US/Canada based NRIs are: L&T, UTI, PPFAS, Sundaram, Canara Robeco . Other mutual fund houses are also slowly joining in.