Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
The circular specifies the following key points regarding pro-rata and pari-passu rights of investors in Alternative Investment Funds (AIFs): Pro-rata rights: Investors shall have rights pro-rata to their commitment in each investment and distribution of proceeds, except when an investor is excused, defaulted, or sharing returns/losses with the manager/sponsor. Certain entities like the manager, multilateral institutions, etc. can subscribe to subordinated units. Existing AIFs with priority distribution models violating pro-rata rights cannot accept fresh commitments or make new investments. Pari-passu rights: Investors shall have equal rights, except differential rights permitted by SEBI without affecting other investors' interests. SEBI has directed a Standard Setting Forum (SFA) to specify permissible differential rights. Existing AIFs must report and discontinue differential rights violating this provision or affecting other investors. Large Value Funds are exempted subject to disclosure and investor waiver. Trustees/sponsors must ensure the manager's compliance test report covers adherence to this circular's provisions. The circular is issued to protect investor interests and regulate securities markets.
The circular specifies the following key points regarding pro-rata and pari-passu rights of investors in Alternative Investment Funds (AIFs): Pro-rata rights: Investors shall have rights pro-rata to their commitment in each investment and distribution of proceeds, except when an investor is excused, defaulted, or sharing returns/losses with the manager/sponsor. Certain entities like the manager, multilateral institutions, etc. can subscribe to subordinated units. Existing AIFs with priority distribution models violating pro-rata rights cannot accept fresh commitments or make new investments. Pari-passu rights: Investors shall have equal rights, except differential rights permitted by SEBI without affecting other investors' interests. SEBI has directed a Standard Setting Forum (SFA) to specify permissible differential rights. Existing AIFs must report and discontinue differential rights violating this provision or affecting other investors. Large Value Funds are exempted subject to disclosure and investor waiver. Trustees/sponsors must ensure the manager's compliance test report covers adherence to this circular's provisions. The circular is issued to protect investor interests and regulate securities markets.
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