TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2024
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....India (Alternative Investment Funds) Regulations, 2012, - I. In regulation 2, in sub-regulation (1), in clause (z), after the words and symbols "an angel fund as defined under Chapter III-A", the words "and migrated venture capital fund as defined under Chapter III-D" shall be inserted. II. In regulation 3, in sub-regulation (2), i) in the second proviso, the words and symbols "re-registration under these regulations subject to approval of two-thirds of their investors by value of their investment" shall be substituted with the words and symbols "registration under these regulations as migrated venture capital funds in terms of Chapter III-D, within twelve months from the date of notification of the Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2024". ii) after the second proviso, the following new proviso shall be inserted, namely, - "Provided further that the Board may specify enhanced regulatory reporting and other measures for the venture capital funds that do not seek registration as a migrated venture capital fund in terms of Chapter III-D." III. After Chapter III-C, t....
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....ated Venture Capital Fund) shall be granted by the Board, if it is satisfied that the applicant fulfills all the requirements as specified in this Chapter under these regulations. Eligibility Criteria. 19Y. For the purpose of the grant of certificate under this Chapter, the Board shall consider the following eligibility conditions, namely, - (a) the applicant has a certificate of registration as a Venture Capital Fund under Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996; (b) the applicant is a fit and proper person; (c) the applicant has furnished the required information as specified by the Board from time to time; (d) the applicant has no pending investor complaint with regard to non-receipt of funds or securities for any of its schemes whose assets are not liquidated in terms of sub-regulation (2) of regulation 24 of Securities and Exchange Board of India (Venture Capital Funds) Regulations 1996, on the date of application under this Chapter; (e) no scheme launched by the applicant has investment from an investor which is less than five lakh rupees: Provided that nothing con....
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....plications that are likely to apply to investors; (e) manner of subscription to the units of the migrated venture capital fund; (f) the period of maturity, if any, of the fund; (g) the manner, if any, in which the fund shall be wound up; (h) the manner in which the benefits accruing to investors in the units of the trust are to be distributed; (i) details of the fund manager or asset management company, if any, and the fees to be paid to such manager; (j) the details about performance of the fund, if any, managed by the Fund Manager; (k) investment strategy of the fund; and (l) any other information specified by the Board. Investment by migrated venture capital fund. 19AD. (1) Investments by migrated venture capital fund shall be subject to the following conditions:- (a) the migrated venture capital fund shall not invest more than 25% corpus of the fund in a single venture capital undertaking; (b) the migrated venture capital fund may invest in the securities of companies incorporated outside India subject to such conditions or guidelines that may be stipulated or issued by t....
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.... investments by the migrated venture capital funds. Schemes. 19AE. A migrated venture capital fund shall not launch any new scheme. Tenure. 19AF. (1) The tenure of a migrated venture capital fund shall be calculated in the manner as may be specified by the Board. (2) Extension of the tenure of a migrated venture capital fund may be permitted up to two years subject to the approval of two-thirds of the unit holders by value of their investment in the migrated venture capital fund. (3) In the absence of consent of the unit holders under sub-regulation (2) or upon expiry of the extended tenure, the migrated venture capital fund or the scheme of the migrated venture capital fund shall be wound up in accordance with Regulation 29 of these regulations: Provided that sub-regulation (9A) of regulation 29 shall not be applicable to a migrated venture capital fund or the scheme of the migrated venture capital fund. (4) If the assets of a scheme of a venture capital fund registered under the Securities and Exchange Board of India (Venture Capital Regulations) 1996, are not liquidated after the expiry of its tenure in term....
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....tment Funds) Regulations, 2012 were published in the Gazette of India on May 21, 2012 vide No. SEBI/LAD-NRO/GN/2012-13/04/11262. 2. The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 were subsequently amended on, - (a) 16th September, 2013 by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/24/6573. (b) 23rd May, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089. (c) 26th September, 2014 by the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/11/1576. (d) 14th August, 2015 by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/011. (e) 4th January, 2017 by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2016 vide No. SEBI/LAD/NRO/GN/2016-17/026. (f) 6th March, 2017 by the Securities and Exchange Board of India (Payment o....