Move over, China. Physician-investorslooking for the next big thing in overseasinvesting should look no fartherthan India, where an exploding mutualfund market is making foreign moneymanagers giddy. According to the , money under managementin India's mutual fund industryhas nearly doubled over the past 3years to around $48 billion, the majorityof which is managed by firms withforeign ties. The sudden boom comes asa result of deregulation of India's protectionisteconomy. This has had a profoundimpact on Unit Trust of India, amonopoly fund that used to control80% of all mutual fund assets, but nowonly has command over 12%, freeingup other funds to take a bigger chunk ofthe market. Economic changes by theSecurities and Exchange Board of Indiagave foreigners the ability to investdirectly in local business, allowing stocksto soar. Subsequently, interest rates haveplummeted, drawing increased interestto mutual funds, which show significantroom for growth in the future.