{"id":256932,"date":"2021-11-10T14:30:10","date_gmt":"2021-11-10T09:00:10","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=256932"},"modified":"2021-11-10T13:12:05","modified_gmt":"2021-11-10T07:42:05","slug":"sebi-alternative-investment-funds-fifth-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/10\/sebi-alternative-investment-funds-fifth-amendment-regulations-2021\/","title":{"rendered":"SEBI (Alternative Investment Funds) (Fifth Amendment) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page9R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On November 09, 2021, SEBI issues SEBI (Alternative Investment Funds) (Fifth Amendment) Regulations, 2021 to<\/span><\/span><span id=\"page9R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> amend the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/m0SGvUx3\">Securities and Exchange Board of India (Alternative Investment <\/a><\/span><\/span><span id=\"page9R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Funds) Regulations, 2012<\/span><\/span>. <span id=\"page9R_mcid20\" class=\"markedContent\"><\/span><span id=\"page9R_mcid23\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">They shall come into force on the thirtieth day from the date of their publication in the Official Gazette. However,<\/span><\/span><span id=\"page9R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> the amendments to clause (ii) of sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation II of regulation 3 of the<\/span><span dir=\"ltr\" role=\"presentation\">se Regulations shall <\/span><span dir=\"ltr\" role=\"presentation\">come into force on the date of their publication in the Official Gazette.<\/span> <\/span><span id=\"page9R_mcid25\" class=\"markedContent\"><\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"page9R_mcid25\" class=\"markedContent\">Key amendments: <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page9R_mcid25\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In<\/span> <span dir=\"ltr\" role=\"presentation\">the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/m0SGvUx3\">Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012<\/a><\/span><span dir=\"ltr\" role=\"presentation\">\u2014<\/span> <\/span><span id=\"page9R_mcid26\" class=\"markedContent\"><\/span><br role=\"presentation\" \/><span id=\"page9R_mcid26\" class=\"markedContent\"><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid26\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">I.<\/span> the<span dir=\"ltr\" role=\"presentation\"> foll<\/span><span dir=\"ltr\" role=\"presentation\">owing clause shall be inserted in Regulation 2 dealing with Definitions <\/span><\/span><span id=\"page9R_mcid27\" class=\"markedContent\">:<\/span><\/p>\n<blockquote>\n<p style=\"padding-left: 40px;\"><span id=\"page9R_mcid27\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c(fa)\u201cCo<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">investment\u201d means investment made by a Manager or Sponsor or investor of Category I and <\/span><span dir=\"ltr\" role=\"presentation\">II Alternative Investment Fund(s) in investee companies where such Category I or Category II <\/span><span dir=\"ltr\" role=\"presentation\">Alternative Investment Fu<\/span><span dir=\"ltr\" role=\"presentation\">nd(s) make investment:<\/span> <\/span><span id=\"page9R_mcid28\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided that Co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">investment by investors of <\/span> <span dir=\"ltr\" role=\"presentation\">Alternative Investment Fund<\/span> <span dir=\"ltr\" role=\"presentation\">shall be through a Co<\/span> <span dir=\"ltr\" role=\"presentation\">investment Portfolio <\/span><span dir=\"ltr\" role=\"presentation\">Manager as specified under the <\/span><span dir=\"ltr\" role=\"presentation\">Securities and Exchange Board of India <\/span><span dir=\"ltr\" role=\"presentation\">(Portfolio Managers) Regulations, 2020;\u201d<\/span> <\/span><span id=\"page9R_mcid29\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<\/blockquote>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid29\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">II.<\/span> <span dir=\"ltr\" role=\"presentation\">in sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation (1) of regulation 15 dealing with General Investment Conditions, <\/span> <\/span><span id=\"page9R_mcid30\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">clause (b) and (d) shall be substituted with the following,<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><span id=\"page9R_mcid31\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<blockquote>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid31\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c(b) The terms of Co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">investment in an investee company by a Manager or Sponsor or co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">investor, shall not be more favourable than the terms of investment of the A<\/span><span dir=\"ltr\" role=\"presentation\">lternative <\/span><span dir=\"ltr\" role=\"presentation\">Investment Fund:<\/span> <\/span><span id=\"page9R_mcid32\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid32\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that the terms of exit from the Co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">investment in an investee company including the <\/span><span dir=\"ltr\" role=\"presentation\">timing of exit shall be identical to the terms applicable to that of exit of the Alternative <\/span><span dir=\"ltr\" role=\"presentation\">Investment Fund:<\/span> <\/span><span id=\"page9R_mcid33\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided further that the <\/span><span dir=\"ltr\" role=\"presentation\">above proviso shall be applicable only for co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">investment made from <\/span><span dir=\"ltr\" role=\"presentation\">the date of coming into force of this regulation;<\/span> <\/span><span id=\"page9R_mcid34\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\"><br \/>\n<\/span> <\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid35\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c(d) Category III Alternative Investment Funds shall invest not more than ten <\/span> <span dir=\"ltr\" role=\"presentation\">per cent of <\/span><span dir=\"ltr\" role=\"presentation\">the net asset value in listed equity of an Investee Company and shall invest not more than <\/span><span dir=\"ltr\" role=\"presentation\">ten per cent of the investable funds in securities other than listed equity of an Investee <\/span><span dir=\"ltr\" role=\"presentation\">Company, directly or through investment in units of other Alte<\/span><span dir=\"ltr\" role=\"presentation\">rnative Investment Funds:<\/span> <\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid36\" class=\"markedContent\"><\/span><span id=\"page9R_mcid36\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided <\/span><span dir=\"ltr\" role=\"presentation\">that <\/span><span dir=\"ltr\" role=\"presentation\">large <\/span><span dir=\"ltr\" role=\"presentation\">value <\/span><span dir=\"ltr\" role=\"presentation\">funds <\/span><span dir=\"ltr\" role=\"presentation\">for <\/span><span dir=\"ltr\" role=\"presentation\">accredited <\/span><span dir=\"ltr\" role=\"presentation\">investors <\/span><span dir=\"ltr\" role=\"presentation\">of <\/span><span dir=\"ltr\" role=\"presentation\">Category <\/span><span dir=\"ltr\" role=\"presentation\">III <\/span><span dir=\"ltr\" role=\"presentation\">Alternative <\/span><span dir=\"ltr\" role=\"presentation\">Investment Funds may invest up to twenty per cent of the net asset value in listed equity of <\/span><span dir=\"ltr\" role=\"presentation\">an Investee Company and may invest up to twenty per <\/span> <span dir=\"ltr\" role=\"presentation\">cent of the investable funds in <\/span><span dir=\"ltr\" role=\"presentation\">securities other than listed equity of an Investee Company, directly or through investment in <\/span><span dir=\"ltr\" role=\"presentation\">units of other Alternative Investment Funds;\u201d<\/span> <\/span><span id=\"page9R_mcid37\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<\/blockquote>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid37\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">III.<\/span> t<span dir=\"ltr\" role=\"presentation\">he following shall be inserted in Regulation 20 dealing with general obligations, responsibilities and transparency:<\/span><\/span><\/p>\n<blockquote>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page9R_mcid38\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c(15) The manager shall not provide advisory services to any investor other than the clients of Co<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\"> investment Portfolio Manager as specified in the <\/span> <span dir=\"ltr\" role=\"presentation\">Securities and Exchange Board of India <\/span> <span dir=\"ltr\" role=\"presentation\">(Portfolio <\/span><span dir=\"ltr\" role=\"presentation\">Managers) Regulations, 2020, for investment in securities<\/span> <span dir=\"ltr\" role=\"presentation\">of investee companies where the Alternative <\/span><span dir=\"ltr\" role=\"presentation\">Investment Fund managed by it makes investment.<\/span><\/span><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>On November 09, 2021, SEBI issues SEBI (Alternative Investment Funds) (Fifth Amendment) Regulations, 2021 to amend the Securities and Exchange Board of <\/p>\n","protected":false},"author":8808,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-256932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEBI (Alternative Investment Funds) (Fifth Amendment) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/10\/sebi-alternative-investment-funds-fifth-amendment-regulations-2021\/\" \/>\n<meta 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