TaxTMI 
TaxTMI 
Modalities for migration of Venture Capital Funds registered under erstwhile SEBI (Venture Capital Funds) Regulations, 1996 to SEBI (Alternative Investment Funds) Regulations, 2012
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....ure. Copy of the aforesaid notification is available at link. 2. In terms of Regulation 19V(1) of AIF Regulations, "Migrated Venture Capital Fund" means a fund that was previously registered as a Venture Capital Fund under the VCF Regulations and subsequently registered under AIF Regulations as a sub-category of Venture Capital Fund under Category I - Alternative Investment Fund, in accordance with the provisions of Chapter III - D of AIF Regulations. 3. In terms of Regulation 19X(1) of AIF Regulations, an application for seeking registration as a Migrated Venture Capital Fund shall be made to SEBI in the manner specified by SEBI. In this regard, while applying to SEBI for migration to AIF Regulations as "Migrated VCFs", VCFs shall submit the following: 3.1. Original certificate of registration issued under VCF Regulations. 3.2. Requisite information as per the format specified in Annexure I. 4. While opting for migration to AIF Regulations, VCFs having only schemes whose liquidation period (in terms of Regulation 24(2) of VCF Regulations) has not expired, shall be subject to the following conditions - 4.1. The facility of migration to AIF Regulations shall be ava....
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....ns that do not opt for migration to AIF Regulations, the following is specified - 8.1. Scheme(s) of VCFs, whose liquidation period (in terms of Regulation 24(2) of VCF Regulations) has not expired, shall be subject to enhanced regulatory reporting as may be prescribed by SEBI in line with the regulatory reporting applicable to AIFs under AIF Regulations. 8.2. VCFs having at least one scheme whose liquidation period (in terms of Regulation 24(2) of VCF Regulations) has expired shall be subject to appropriate regulatory action for continuing beyond the expiry of their original liquidation period. 9. The flexibility to opt for migration to AIF Regulations shall not be available to VCFs wherein - 9.1. All the schemes of the VCF have been wound up; and/or, 9.2. No investment has been made by schemes of the VCF which have not been wound up. Such VCFs shall submit an application to SEBI for surrender of their registration on or before March 31, 2025, failing which appropriate action shall be initiated to cancel the certification of registration. 10. The manager, trustee and key management personnel of the VCF/Migrated VCF and manager shall be responsible for complianc....
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....p; applicant -Whether the applicant is a company or trust or a body corporate 9. Date and Place of incorporation/ establishment (Enclose certificate of incorporation, memorandum and articles of association or trust deed in terms of which the VCF was incorporated or established) 10. Name, Identity proof and address proof of the Board of Directors of the venture capital fund in case the applicant has been set up as a company 11. Whether the applicant or its associates is/ are registered with the Board, Reserve Bank of India or any other regulatory authority in any capacity along with the details of its registration. Details of trustee/trustee company 12. Whether the trustee is an individual or a trustee company 13. Name of the Trustee 14. PAN of Trustee 15. Address of the registered office 16. Contact person of Trustee ....
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.... date of incorporation/ establishment of Manager 36. Contact person of Manager Name: Direct Line No.: Mobile Number: Email ID: 37. Name, Identity proof and address proof of the Directors of the Manager 38. Details of Shareholders / partners of the Manager 39. Whether the manager is registered with Board, or any other regulatory authority in any capacity along with the details of its registration Table 2 - Details pertaining to scheme of the VCF (Information shall be submitted separately for each scheme of the VCF) S. No. Particulars Information as submitted by the applicant 1. Copy of the placement memorandum 2. Date of initial closing of the scheme of the VCF (dd/mm/yyyy) 3. Date of final closing of the scheme of the VCF (dd/mm/yyyy) 4. Original tenure of the scheme of ....
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.... (If yes, provide details. If no, enclose a declaration to that effect) 3. Whether the applicant/ Sponsor/ Trustee/ Manager or its directors or Partners or employees are / have been involved in any litigation connected with the securities market which may have an adverse bearing on the business of the applicant or any order has/ had been passed against them for violation of securities laws. (If yes, provide details. If no, enclose a declaration to that effect). 4. Whether applicant/ Sponsor/ Trustee/ Manager or its directors or Partners has/ have been refused a certificate by the Board or its/ their certificate has been suspended at any time prior to this application. (If yes, provide details. If no, enclose a declaration to that effect). 5. Whether the applicant, Sponsor and Manager are fit and proper persons based on the criteria specified in the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (Enclose a declaration to that effect). DECLARATION STATEMENT We hereby agree and declare tha....
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.... • Para 4.3 of Master Circular for AIFs Not applicable - • Para 4.4 of Master Circular for AIFs • Para 4.5 of Master Circular for AIFs pertaining to contribution from Joint investors • Para 4.6 of Master Circular for AIFs pertaining to units to manager for profit sharing • Para 4.7 of Master Circular for AIFs pertaining to open ended schemes of Category III AIFs Chapter 5 Operational and prudential norms for Category III AIFs Not applicable Chapter 6 Norms for Special Situation Funds (SSF) Not applicable Chapter 7 Guidelines for overseas investments by AIFs and related reporting Applicable Chapter 8 Investment in units of AIFs Not applicable Chapter 9 Participation of AIFs in Credit Default Swaps Not applicable Chapter 10 Transaction in Corporate Bonds through Request for Quote (RFQ) platform by AIFs Applicable Chapter 11 Other prudential and operational norms and related clarifications Applicable - • Schemes of AIFs that have adopted priority in distribution among investors (Para 11.2 of Master Circular for AI....