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SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2023 Notified By SEBI June 15, 2023
Published in: Investment Funds
DISCLAIMER: The material contained in this publication is solely for information and general guidance and not for advertising or soliciting. The information provided does not constitute professional advice that may be required before acting on any matter. While every care has been taken in the preparation of this publication to ensure its accuracy, Vaish Associates Advocates neither assumes responsibility for any errors, which despite all precautions, may be found herein nor accepts any liability, and disclaims all responsibility, for any kind of loss or damage arising on account of anyone acting / refraining to act by placing reliance upon the information contained in this publication.
SEBI, vide notification dated June 15, 2023, has notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2023 to further amend the SEBI (Alternative Investment Funds) Regulations, 2012.
Few of the key amendments are: (a) introduction of a new category of Alternative Investment Funds (“AIFs”) known as ‘Specified Alternative Investment Fund’; (b) requirement of issuing AIFs units in dematerialized form; (c) modifications in the winding-up process by introduction of liquidation scheme of AIF; (d) requirement for investor consent for buying/ selling investments from/to certain persons: approval of 75% of the investors to be obtained for buying or selling investments, from or to (i) associates, or (ii) schemes of AIFs managed or sponsored by its manager, sponsor or associates of its manager/sponsor, or (iii) an investor who has committed to invest at least 50% of the corpus of the scheme of AIF; (e) notification of a new Chapter III – C, introducing ‘Corporate Debt Market Development Fund’; (f) mandatory appointment of a compliance officer who shall be responsible for monitoring compliance and report any non-compliance to SEBI; and (g) modification to the valuation procedure and the methodology for valuing assets.
To read the notification click here
For any clarification, please write to:
Mr. Yatin Narang
Partner
[email protected]
