Disclosure obligations for AIFs updated: extended deadline, limited disciplinary disclosure, biannual reporting and definition clarifications. SEBI extends the deadline to August 31, 2014 for sending the annexure to the placement memorandum. Disciplinary-history disclosure is confined to the last five years and to instances involving monetary penalties above the specified threshold; disputed tax liabilities in an individual's personal capacity are excluded and contingent liabilities are those shown in the entity's books. Modifications to fund terms must be reported to investors and SEBI semi annually on a consolidated basis. Material changes affect fundamental fund attributes, and exit-process rules do not apply where seventy five percent of unit holders by value approve. Joint investors are defined by mutual contribution; investee companies must hold or propose at least one project.
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Disclosure obligations for AIFs updated: extended deadline, limited disciplinary disclosure, biannual reporting and definition clarifications.
SEBI extends the deadline to August 31, 2014 for sending the annexure to the placement memorandum. Disciplinary-history disclosure is confined to the last five years and to instances involving monetary penalties above the specified threshold; disputed tax liabilities in an individual's personal capacity are excluded and contingent liabilities are those shown in the entity's books. Modifications to fund terms must be reported to investors and SEBI semi annually on a consolidated basis. Material changes affect fundamental fund attributes, and exit-process rules do not apply where seventy five percent of unit holders by value approve. Joint investors are defined by mutual contribution; investee companies must hold or propose at least one project.
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