L&T Investment Management, the asset management arm of Indian financial services firm L&T Finance Holdings, is launching an investment scheme that targets high net worth individuals interested in infrastructure stocks, local reports say. 

The company is looking to double the size of its existing portfolio management scheme, currently at around Rs100 crore ($20 million), by attracting HNW individuals with a ticket size of at least Rs10 lakh ($20,000). The new scheme focuses on undervalued infrastructure companies and will have a lock-in period of four years. Further details on the new offering and its launch will be announced in the next weeks, the firm said. 

However last Saturday the Securities and Exchange Board of India announced new rules which could force the firm to return to the drawing board. 

Sebi increased the minimum ticket size for entry into the PMS system, up from Rs5 lakh to Rs25 lakh. The move is meant to discourage the participation of retail investors, most of whom are attracted without ample protection. The Rs5 lakh minimum was also set as a "light-touch regulation" in 1993, the SEBI said. 

If the new rules come into effect before it officially files with the regulator, L&T Investment Management will have to revise the focus of the scheme. It is said that affiliates Aditya Birla Money, ICICI Direct and the HNI division of HDFC Securities will act as channel partners.