TaxTMI 
TaxTMI 
Filing of Term Sheet by Angel Funds
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....lation 19(E) which deals with filling of scheme details with SEBI. 2. Pursuant to the aforesaid amendment of AIF regulations, it is specified that: 2.1 angel funds may now launch schemes subject to filing of a Term Sheet in the format as specified in Annexure II; 2.2 such Term Sheet shall contain material information regarding the scheme; and 2.3 such Term Sheet shall be filed with the Board within ten days of launching the scheme. 3. This circular is issued in exercise of powers conferred by sub-section (1) of section 11 and section 11A of the Securities and Exchange Board of India Act, 1992 read with the provisions of the AIF regulations, to protect the interests of investors in securities and to promote the development of , and to r....
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....12,- (i) in regulation 2, in sub-regulation (1),- (a) in clause (b) 1. in proviso, in clause (i), the words "Companies Act, 1956" shall be substituted with the words "Companies Act, 2013". 2. in proviso, the existing clause (ii) shall substituted with the following clause, namely, "(ii) ESOP Trusts set up under Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 or as permitted under Companies Act 2013;" 3. in proviso, the existing clause (iv) be substituted with the following clause, namely,- (iv) 'holding companies' as defined under sub-section 46 of section 2 of Companies Act,2013;" (b) in clause (g), the words "Companies Act, 1956" shall be substituted with the words &....
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....rial information regarding the scheme, in the format and time period as may specified by SEBI." (b) sub-regulation (2) and (3) shall be omitted. (c) existing sub-regulation (4) shall re-numbered as sub-regulation (2) (d) in sub-regulation (2), the following proviso shall be inserted namely, "Provided that provisions of the Companies Act, 2013 shall apply to the Angel Fund, if it is formed as a company" (ix) in regulation 19F, in sub-regulation the words "five crores" shall be substituted with the words hen crores". (x) in regulation 29, in sub-regulation (3), the words "Companies Act, 1956 (1 of 1956)" shall be substituted with the words "Companies Act. 2013". Sd/- AJAY T YAGI CHAIRMAN....
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....company Investee Company profile and Product details/ services offered by the investee company Business/industry details of the Investee company Present Investment size/Amount of the offering Investment highlights Total Capital Commitment by investors Capital drawn by the fund Type of Securities (Equality Shares/ Compulsorily Convertible Preferences Shares / Compulsorily Convertible Debenture Number of securities along with description Price per share/unit of the security Conversion Prices and terms, in case convertible securities Details of lock in for share / unit of fund Co- investment, if any Details of Valuation of investee company Fee and expenses details for the fund Exit strategy for the Angel fund- Termination of the....