Tenure rules for alternative investment funds allow limited extensions with unit-holder approval and require winding up on expiry. Regulation 13 requires Category I and II AIFs to be close ended with tenure fixed at application and a minimum tenure of three years; Category III AIFs may be open or close ended. The Board may prescribe how to calculate and modify close ended tenure. Extension of a close ended AIF's tenure is permitted with supermajority unit holder approval, and in the absence of such consent or upon expiry of any extended tenure the AIF or scheme must be wound up; accredited-investor funds may have different extension conditions as specified by the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tenure rules for alternative investment funds allow limited extensions with unit-holder approval and require winding up on expiry.
Regulation 13 requires Category I and II AIFs to be close ended with tenure fixed at application and a minimum tenure of three years; Category III AIFs may be open or close ended. The Board may prescribe how to calculate and modify close ended tenure. Extension of a close ended AIF's tenure is permitted with supermajority unit holder approval, and in the absence of such consent or upon expiry of any extended tenure the AIF or scheme must be wound up; accredited-investor funds may have different extension conditions as specified by the Board.
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