Very Interesting point, you have raised, So Crude is currently $76 Barrel (159 liter, USD/INR 85), so 1 liter crude is Rs. 42 (approx.). Now processing, OMC margin, freight, entry tax is around 10% (please confirm, because i suspect it to be higher) in industry, bringing it to~~ approx. again 50 pretax at refinery level, then the freight, dealer commission, and of course the taxes. So, I think it gets awfully close to Ethanol costs, plus we are forgetting that crude is cheap these days. As per my view, the larger point here is, we do not have to pay for it in Dollars and we are not dependent on anyone for our energy security, so the precious dollar reserves are not wasted and to top it all off( $ 8Billion savings) , our farmers who are our food producers can be turned into our energy producers 
So the money stays! Let me know if I am missing something. Will share my full note on Chini tomorrow.
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Markets regulator Sebi on Monday allowed mutual funds (MFs) to invest in overseas mutual funds or unit trusts that invest a specific portion of their assets in Indian securities.
This is subject to the total exposure to Indian securities by such overseas funds not exceeding 25 per cent of their net assets.
The move is aimed at facilitating ease of investment in overseas MF/UTs, bringing transparency in the manner of investment, and enabling MFs to diversify their overseas investments, Sebi said in a circular.
The new framework will come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said.
Also, MF schemes are required to ensure that all investors’ contributions to an overseas MF/UT are combined into a single investment vehicle without any side vehicles.
The corpus of an overseas MF/UT should be a blind pool with no segregated portfolios, ensuring all investors have equal and proportionate rights in the fund.
“All investors in the overseas MF/U
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