https://www.taxtmi.com/circulars?id=68791 Angel Funds must raise capital only from Accredited Investors, with managers verifying accreditation on contribution and existing funds transitioning within a phased timeline; an Angel Fund must onboard a minimum number of accredited investors before first close or refile its PPM. Investments are made directly at fund level without scheme filings, term-sheet filing is discontinued though term-sheet records must be maintained. Follow-on investments are permitted subject to post-issue shareholding limits, an overall per-investee cap, pro rata participation by prior investors, and lock-in periods, with overseas investments subject to RBI and SEBI conditions. en-us Wed, 10 Sep 2025 00:00:00 +0530 Thu, 11 Sep 2025 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=68791 Angel Funds must raise capital only from Accredited Investors, with managers verifying accreditation on contribution and existing funds transitioning within a phased timeline; an Angel Fund must onboard a minimum number of accredited investors before first close or refile its PPM. Investments are made directly at fund level without scheme filings, term-sheet filing is discontinued though term-sheet records must be maintained. Follow-on investments are permitted subject to post-issue shareholding limits, an overall per-investee cap, pro rata participation by prior investors, and lock-in periods, with overseas investments subject to RBI and SEBI conditions. Circulars SEBI Wed, 10 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68791