{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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 property=\"og:locale\" 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Obligations&#8217; relating to constitution of Investment Committee by the Manager","author":"Bhumika Indulia","date":"January 9, 2021","format":false,"excerpt":"Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2021 SEBI amends the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. In regulation 20, (i) in clause (iv) of the proviso to sub-regulation (6), the symbol \",\" shall be substituted with the symbol\u00a0\":\" (ii) after\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":328439,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/08\/10\/sebi-revises-tenure-of-category-i-and-ii-aif-vide-sebi-alternative-investment-funds-regulations-2024\/","url_meta":{"origin":256932,"position":1},"title":"SEBI revises &#8216;Tenure&#8217; of Category I and II Alternative Investment Fund vide SEBI (Alternative Investment Funds) (Fourth Amendment) Regulations, 2024","author":"Editor","date":"August 10, 2024","format":false,"excerpt":"Through the 2024 Amendment Regulations, changes have also been made to the \u2018Conditions for Category I and II Alternative Investment Funds.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":248165,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/13\/sebi-alternative-investment-funds-second-amendment-regulations-2021-notified\/","url_meta":{"origin":256932,"position":2},"title":"SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2021, notified","author":"Prachi Bhardwaj","date":"May 13, 2021","format":false,"excerpt":"The Securities and Exchange Board has notified SEBI (Alternative Investment Funds) (Second Amendment) Regulations 2021 to further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. The following amendments have been made: \u00a0 Regulation 15 (1)(c), which stipulates the investments done by Category I and II\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":282077,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/20\/objective-of-amending-the-aif-regulations-2012-to-aif-regulations-2022\/","url_meta":{"origin":256932,"position":3},"title":"Objective of Amending the AIF Regulations, 2012 to AIF Regulations, 2022","author":"Bhumika Indulia","date":"January 20, 2023","format":false,"excerpt":"by Aparna Devkar\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image-145.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":257023,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/12\/sebi-notifies-portfolio-managers-fourth-amendment-regulations-2021\/","url_meta":{"origin":256932,"position":4},"title":"SEBI notifies Portfolio Managers (Fourth Amendment) Regulations, 2021","author":"Prachi Bhardwaj","date":"November 12, 2021","format":false,"excerpt":"The Securities and Exchange Board of India has notified the SEBI (Portfolio Managers) (Fourth Amendment) Regulations, 2021 to further amend the SEBI (Portfolio Managers) Regulations, 2020. Under Regulation 2, the amendment has defined the term \u201cAlternative Investment Fund\u201d, \u201cCo-investment Portfolio Manager\u201d, \u201cinvestee company \u201cand \u201cSponsor\u201d. Under Regulation 7, dealing with\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":250390,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/28\/amendment-to-sebi-alternative-investment-funds-regulations-2012\/","url_meta":{"origin":256932,"position":5},"title":"Amendment to SEBI (Alternative Investment Funds) Regulations, 2012","author":"Prachi Bhardwaj","date":"June 28, 2021","format":false,"excerpt":"The Securities and Exchange Board of India has amended the SEBI (Alternative Investment Funds) Regulations, 2012 (\u201cAIF Regulations\u201d), which were notified on May 05, 2021. The Amendment, 2021 notified on June 25, 2021 provides framework for AIFs to invest simultaneously in units of other AIFs and directly in securities of\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/256932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=256932"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/256932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/252507"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=256932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=256932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=256932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}