Change of AIF category: procedural requirements and investor withdrawal rights during SEBI approval process clarified Change of category for an Alternative Investment Fund is allowed only if no investments have been made under the original category and requires SEBI approval; applications must include updated Form A, supporting documents, rationale, and an application fee. If commitments were raised beforehand, investors must be offered penalty-free withdrawal with returned fees and possible partial withdrawal subject to minimum investment; the AIF may only invest in liquid funds or bank deposits pending approval and must circulate a revised placement memorandum after approval.
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Change of AIF category: procedural requirements and investor withdrawal rights during SEBI approval process clarified
Change of category for an Alternative Investment Fund is allowed only if no investments have been made under the original category and requires SEBI approval; applications must include updated Form A, supporting documents, rationale, and an application fee. If commitments were raised beforehand, investors must be offered penalty-free withdrawal with returned fees and possible partial withdrawal subject to minimum investment; the AIF may only invest in liquid funds or bank deposits pending approval and must circulate a revised placement memorandum after approval.
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