TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013.
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....rd hereby makes the following 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....
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....anies Act, 1956 shall apply to the Alternative Investment Fund, if it is formed as a company." 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 ac....
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....in investing in start-up or emerging or early-stage ventures and 'serial entrepreneur' shall mean a person who has promoted or co-promoted more than one start-up venture. (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 rela....
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.... (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Applicability. 19B. (1) The provisions of this Chapter shall apply to angel funds and schemes launched by such angel funds. (2) All other provisions of these regulations, except clauses (a), (b), (c), (d) and (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 fund....
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....aunch of the scheme. (4) No scheme of the angel fund shall have more than forty-nine angel investors. Investment by Angel Funds. 19F. (1) Angel funds shall invest only in venture capital undertakings which: (a) have been incorporated during the preceding three years from the date of such investment; (b) 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 corporate....