Filing of Term Sheet by Angel Funds

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....latory provisions regarding the Angel Fund including Regulation 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 in....

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....publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012,- (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' a....

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....ing namely, * The angel fund may launch schemes subject to filing of a term Sheet with the Board, containing material 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)" ....

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....rm Sheet A. Investment and Investee Company Related Information Name of the Angel Fund   SEBI Registration No.   Name of Scheme   Name of investee 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   P....