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of <h1>SEBI Amends AIF Regulations: AIFs Can Now Trade Credit Default Swaps, With Specific Conditions for Each Category.</h1> The Securities and Exchange Board of India (SEBI) has amended the Alternative Investment Funds (AIF) Regulations, 2012, allowing AIFs to participate in Credit Default Swaps (CDS) as both buyers and sellers. Category I and II AIFs can buy CDS for hedging purposes, while Category III AIFs can buy for hedging or other purposes within specified leverage limits. Category II and III AIFs can sell CDS by earmarking unencumbered government bonds or treasury bills equal to the CDS exposure. AIFs must report CDS transactions to custodians, adhere to leverage limits, and comply with SEBI and RBI regulations. The circular is effective immediately.
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