Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wing regulations to amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, namely,- 1. These regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013. 2. They shall come into force on the date of their 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), in clause (z), after the words "a new business model", the words and symbols "and shall include an angel fund as defined under Chapter III-A" shall be inserted. II. In regulation 3, in sub-regulation (1), after the third proviso, the following p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pany." V. in regulations 15, the word "corpus", wherever appearing, shall be substituted by the words "investible funds"; VI. in regulation 16, (i) the word "corpus", wherever appearing, shall be substituted by the words "investible funds"; in sub-regulation (4), clause (b), for the symbol "." the symbol ":" shall be substituted; (ii) in sub-regulation (4), after clause (b), the following provisos shall be inserted, namely,- "Provided that the amount of grant that may be accepted by the fund from any person shall not be less than twenty-five lakh rupees: Provided further that no profits or gains shall accrue to the provider of such grants." VII. in regulations 17, the word "corpus", wherever appearing, shall be substituted by t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (b) a body corporate with a net worth of at least ten crore rupees; or (c) an Alternative Investment Fund registered under these regulations or a Venture Capital Fund registered under the SEBI (Venture Capital Funds) Regulations, 1996. (3) "company with family connection" means: a. if the angel investor is an individual, i. any company which is promoted by such an individual or his relative; or ii. any company where the individual or his relative is a director; or iii. any company where the person or his relative has control, or shares or voting rights which entitle them to fifteen percent or more of the shares or voting rights in the company. Explanation I: For the purpose of this clause, "relative" means a person as defined ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (f) of regulation 10, regulation 12, regulation 14, clauses (a), (c) and (e) of sub-regulation (1) of regulation 15, clause (b) of sub-regulation (1) of regulation 16 and sub-regulation (2) of regulation 16, and the guidelines and circulars issued under these regulations, unless the context otherwise requires or repugnant to the provisions of this Chapter, shall apply to angel funds, their sponsors and managers and angel investors. Registration of angel funds. 19C. (1) An applicant may apply for registration as an angel fund in accordance with the provisions of Chapter II of these Regulations. (2) An Alternative Investment Fund already registered under these regulations, which has not made any investments, may apply for conversion of it....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....) have a turnover of less than twenty five crore rupees; (c) are not promoted or sponsored by or related to an industrial group whose group turnover exceeds three hundred crore rupees; and Explanation I: For the purpose of this clause, "industrial group" shall include a group of body corporates with the same promoter(s)/promoter group, a parent company and its subsidiaries, a group of body corporates in which the same person/ group of persons exercise control, and a group of body corporates comprised of associates/subsidiaries/holding companies. Explanation II: For the purpose of this clause, "group turnover" shall mean combined total revenue of the industrial group. (d) are not companies with family connection with any of the angel....