Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
The circular outlines guidelines for borrowing by Category I and Category II Alternative Investment Funds (AIFs) and maximum permissible limit for extension of tenure by Large Value Funds for Accredited Investors (LVFs). Category I and II AIFs can borrow up to 20% of proposed investment or 10% of investable funds or pending commitment from investors, whichever is lower, to meet temporary shortfall in drawdown amount from investors, subject to conditions. A 30-day cooling off period is mandated between two borrowing periods. LVFs can extend tenure up to 5 years with approval of two-thirds unitholders by value, aligning with this requirement within 3 months. Existing LVF schemes can revise original tenure with consent of all investors. The circular supersedes previous conditions for LVF tenure extension and mandates compliance reporting by AIFs.
The circular outlines guidelines for borrowing by Category I and Category II Alternative Investment Funds (AIFs) and maximum permissible limit for extension of tenure by Large Value Funds for Accredited Investors (LVFs). Category I and II AIFs can borrow up to 20% of proposed investment or 10% of investable funds or pending commitment from investors, whichever is lower, to meet temporary shortfall in drawdown amount from investors, subject to conditions. A 30-day cooling off period is mandated between two borrowing periods. LVFs can extend tenure up to 5 years with approval of two-thirds unitholders by value, aligning with this requirement within 3 months. Existing LVF schemes can revise original tenure with consent of all investors. The circular supersedes previous conditions for LVF tenure extension and mandates compliance reporting by AIFs.
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