{"id":260589,"date":"2022-01-25T11:00:57","date_gmt":"2022-01-25T05:30:57","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260589"},"modified":"2022-01-25T10:43:26","modified_gmt":"2022-01-25T05:13:26","slug":"special-situation-funds-for-investment-in-stressed-assets-introduced-vide-sebi-alternative-investment-funds-amendment-regulations-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/25\/special-situation-funds-for-investment-in-stressed-assets-introduced-vide-sebi-alternative-investment-funds-amendment-regulations-2022\/","title":{"rendered":"Special Situation Funds for investment in stressed assets introduced vide SEBI (Alternative Investment Funds) (Amendment) Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page8R_mcid666\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On January 24, 2022, the Securities Exchange Board of India notifies<\/span><\/span><span id=\"page8R_mcid667\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India (Alternative Investment <\/span><\/span><span id=\"page8R_mcid668\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Funds) Regulations, 2012.<br \/>\n<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key Amendment:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">The Amendment inserts Chapter III-B on Special Situation Funds in the <span id=\"page8R_mcid667\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Securities and Exchange Board of India (Alternative Investment <\/span><\/span><span id=\"page8R_mcid668\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Funds) Regulations, 2012:<\/span><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><strong>Applicability:<\/strong> T<span id=\"page22R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">he provisions of this Chapter shall apply to special situation funds and schemes launched <\/span><span dir=\"ltr\" role=\"presentation\">by such special situation funds.<\/span><\/span><span id=\"page22R_mcid4\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page22R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Investment in special situation funds<\/strong>:<\/span><\/span><span id=\"page22R_mcid8\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page22R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Each scheme of a special situation fund shall have a corpus as may be specified by the <\/span><span dir=\"ltr\" role=\"presentation\">Board.<\/span><\/span><span id=\"page22R_mcid9\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page22R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The special situation fund shall accept from an investor, an investment of such value as <\/span><span dir=\"ltr\" role=\"presentation\">may be specified by the Board.<\/span><\/span><span id=\"page22R_mcid10\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page22R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The<\/span> <span dir=\"ltr\" role=\"presentation\">special<\/span> <span dir=\"ltr\" role=\"presentation\">situation<\/span> <span dir=\"ltr\" role=\"presentation\">fund<\/span> <span dir=\"ltr\" role=\"presentation\">shall<\/span> <span dir=\"ltr\" role=\"presentation\">not<\/span> <span dir=\"ltr\" role=\"presentation\">accept<\/span> <span dir=\"ltr\" role=\"presentation\">investments<\/span> <span dir=\"ltr\" role=\"presentation\">from<\/span> <span dir=\"ltr\" role=\"presentation\">any<\/span> <span dir=\"ltr\" role=\"presentation\">other<\/span> <span dir=\"ltr\" role=\"presentation\">Alternative <\/span><span dir=\"ltr\" role=\"presentation\">Investment Fund other than a special situation fund.<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page22R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Investment by special situation funds<\/strong>:<\/span><\/span><span id=\"page22R_mcid12\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page22R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Special situation funds shall invest only in special situation assets and may act as a <\/span><span dir=\"ltr\" role=\"presentation\">resolution applicant under the Insolvency and Bankruptcy Code, 2016. <\/span><\/span><span id=\"page22R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that the special situation fund shall not invest in,<\/span><\/span><span id=\"page22R_mcid14\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span id=\"page22R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">i.<\/span> <span dir=\"ltr\" role=\"presentation\">its associates; or<\/span><\/span><span id=\"page22R_mcid15\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">ii.<\/span> <span dir=\"ltr\" role=\"presentation\">the units of any other Alternative Investment Fund other than the units of a special <\/span><span dir=\"ltr\" role=\"presentation\">situation fund; or<\/span><\/span><span id=\"page22R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">iii.<\/span> <span dir=\"ltr\" role=\"presentation\">units of special situation funds managed or sponsored by its manager, sponsor or <\/span><span dir=\"ltr\" role=\"presentation\">associates of its manager or sponsor.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">Note:<\/p>\n<p style=\"text-align: justify;\"><span id=\"page17R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>&#8220;Special situation asset<\/strong>\u201d includes,<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page17R_mcid15\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page17R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a)<\/span> <span dir=\"ltr\" role=\"presentation\">stressed loan available for acquisition in terms of Clause 58 of Master Direction<\/span> <span dir=\"ltr\" role=\"presentation\">\u2013<\/span> <span dir=\"ltr\" role=\"presentation\">Reserve <\/span><span dir=\"ltr\" role=\"presentation\">Bank of India (Transfer of Loan Exposures) Directions, 2021 as amended from time to time <\/span><span dir=\"ltr\" role=\"presentation\">or as part of a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 <\/span><span dir=\"ltr\" role=\"presentation\">or in terms of any other policy of the Reserve Bank of India or Government of India issued <\/span><span dir=\"ltr\" role=\"presentation\">in this regard from time to time;<\/span><\/span><span id=\"page17R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(b)<\/span> <span dir=\"ltr\" role=\"presentation\">security receipts issued by an Asset Reconstruction Company registered with the Reserve <\/span><span dir=\"ltr\" role=\"presentation\">Bank of India;<\/span><\/span><span id=\"page17R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">(c)<\/span> <span dir=\"ltr\" role=\"presentation\">securities of investee companies,<\/span><\/span><span id=\"page17R_mcid18\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page17R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whose stressed loans are available for acquisition in terms of Clause 58 of the Master <\/span><span dir=\"ltr\" role=\"presentation\">Direction<\/span> <span dir=\"ltr\" role=\"presentation\">\u2013<\/span> <span dir=\"ltr\" role=\"presentation\">Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 as <\/span><span dir=\"ltr\" role=\"presentation\">amended from time to time or as part of a resolution plan approved under the <\/span><span dir=\"ltr\" role=\"presentation\">Insolvency and Bankruptcy Code, 2016 or in terms of any other policy of the Reserve <\/span><span dir=\"ltr\" role=\"presentation\">Bank of India or Government of India issued in this regard from time to time;<\/span><\/span><span id=\"page17R_mcid19\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page17R_mcid19\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">against<\/span> <span dir=\"ltr\" role=\"presentation\">whose<\/span> <span dir=\"ltr\" role=\"presentation\">borrowings,<\/span> <span dir=\"ltr\" role=\"presentation\">security<\/span> <span dir=\"ltr\" role=\"presentation\">receipts<\/span> <span dir=\"ltr\" role=\"presentation\">have<\/span> <span dir=\"ltr\" role=\"presentation\">been<\/span> <span dir=\"ltr\" role=\"presentation\">issued<\/span> <span dir=\"ltr\" role=\"presentation\">by<\/span> <span dir=\"ltr\" role=\"presentation\">an<\/span> <span dir=\"ltr\" role=\"presentation\">Asset <\/span><span dir=\"ltr\" role=\"presentation\">Reconstruction Company registered with the Reserve Bank of India;<\/span><\/span><span id=\"page17R_mcid20\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page17R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whose borrowings are subject to corporate insolvency resolution process under <\/span><span dir=\"ltr\" role=\"presentation\">Chapter II of the Insolvency and Bankruptcy Code, 2016;<\/span><\/span><span id=\"page17R_mcid21\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page17R_mcid21\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">who have disclosed all the defaults relating to the payment of interest\/ repayment of <\/span><span dir=\"ltr\" role=\"presentation\">principal amount on loans from banks \/ financial institutions\/ Systemically Important <\/span><span dir=\"ltr\" role=\"presentation\">Non-Deposit taking Non-Banking Financial Companies\/ Deposit taking Non-Banking <\/span><span dir=\"ltr\" role=\"presentation\">Financial Companies and \/or listed or unlisted debt securities in terms of the <\/span><span dir=\"ltr\" role=\"presentation\">Securities<\/span> <span dir=\"ltr\" role=\"presentation\">and<\/span> <span dir=\"ltr\" role=\"presentation\">Exchange<\/span> <span dir=\"ltr\" role=\"presentation\">Board<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">India<\/span> <span dir=\"ltr\" role=\"presentation\">(Issue<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">Capital<\/span> <span dir=\"ltr\" role=\"presentation\">and<\/span> <span dir=\"ltr\" role=\"presentation\">Disclosure <\/span><span dir=\"ltr\" role=\"presentation\">Requirements) Regulations, 2018 and such payment default is continuing for a period <\/span><span dir=\"ltr\" role=\"presentation\">of at least ninety calendar days after the occurrence of such default: <\/span><\/span><span id=\"page17R_mcid22\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that in case of sub-clauses (iii) and (iv), the credit rating of the financial <\/span><span dir=\"ltr\" role=\"presentation\">instruments<\/span> <span dir=\"ltr\" role=\"presentation\">or<\/span> <span dir=\"ltr\" role=\"presentation\">credit<\/span> <span dir=\"ltr\" role=\"presentation\">instruments<\/span> <span dir=\"ltr\" role=\"presentation\">or<\/span> <span dir=\"ltr\" role=\"presentation\">borrowings<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">company<\/span> <span dir=\"ltr\" role=\"presentation\">has<\/span> <span dir=\"ltr\" role=\"presentation\">been <\/span><span dir=\"ltr\" role=\"presentation\">downgraded to \u201cD\u201d or equivalent.<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\">\n","protected":false},"excerpt":{"rendered":"<p>On January 24, 2022, the Securities Exchange Board of India notifies Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, <\/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-260589","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>Special Situation Funds for investment in stressed assets 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