(Bloomberg) -- India’s markets regulator has asked local money managers to stop accepting new subscriptions for products that invest in overseas exchange-traded funds as the value of such investments nears an industry-wide limit.

The move follows growing interest among Indian investors to tap opportunities in markets abroad. ETFs focused on technology stocks that have seen massive gains in recent months owing to the frenzy surrounding artificial intelligence are popular in particular.

The Securities and Exchange Board of India issued an advisory to the mutual fund industry body — Association of Mutual Funds in India — asking that subscriptions for overseas ETFs be stopped effective April 1, according to a copy of the communication seen by Bloomberg News. AMFI couldn’t immediately be reached for a comment.

Mirae Asset NYSE FANG+ ETF, one such product in India, has seen its assets surge by about 70% in the 12 months through February. It tracks a benchmark that includes stocks like NVIDIA Corp., Alphabet Inc. and Apple Inc.

India caps active investments by local mutual funds in overseas stocks at $7 billion, while those in foreign ETFs have a limit of $1 billion.

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