There is so much desire to invest on India stock that IFN INDIA Fund has a reached a terrifying 30% Premium. This is what I call a rip-off: the price of IFN is 30% higher than its Net Asset Value (NAV) this means that if you buy IFN you pay 30% more that the sum of values of all the stocks IFN owns. Moreover you also spend 4% a year expenses to IFN management.
I will give you a lovely hint about the site where you can find valuable information about Closed End Funds: http://www.cefa.com/FundSelector/FundDetail.fs?ID=8775 . Please check the Premium, the Discont and the NAV as basic concepts for that kind of investments.
If you are still interested in Indian markets, you can easily and cheaply buy INFY Infosys Technologies on NYSE, which accounts for 9.2% of IFN investment and TTN Tata Motors on NYSE which accounts for 3.12 % of IFN investment. They are two good companies growing very fast and have reasonable price for their stock.
INFY has: Trailing P/E: 34.52… a bit expensive, but: Forward P/E: 22.02 will make more reasonable next year.
What I like the most about it is:
Qtrly Revenue Growth (yoy): 30.30%
Qtrly Earnings Growth (yoy): 19.70%
And in times of rising interest rates… Debt=0 and Total Cash: 1.06B, about half of its yearly revenue, makes it an excellent company.
TATA, being a car company, has lower P/E ratios:
Trailing P/E 20.62
Forward P/E 11.96
Not much more data is easily available for TATA, may I will find it later.
If you buy TTN and INFY trough your normal stock trader, you don’t have to pay that outrageous 30% premium for them. Yes your Indian investment will be a little bit less diversified, but I would not pay 30% premium + 4% expenses a year just for sake of diversification… It is too expensive.
BUY, SELL, KEEP 
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