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Mudit Burad

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Associate in the Investment Funds Practice at the Mumbai of Cyril Amarchand Mangaldas. Mudit have experience in fund structuring, negotiations and obtaining regulatory approvals from regulators across jurisdictions. He has advised the international fund houses and financial institutions in setting up bespoke investment vehicles. He regularly represents trust funds, sovereign funds, and pension funds as limited partner counsel in negotiations. He can be reached at mudit.burad@cyrilshroff.com.

AIF Distributors and the IFSC Opportunity: What’s Changing in 2025

The International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025 (“New CMI Regulations”), were notified by the International Financial Services Centres (“IFSCA”) on April 11, 2025, in supersession of the erstwhile International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (“Old CMI Regulations”), and the IFSCA Circular No. F. No. 817/IFSCA/Distribution/2022-23 titled “Distribution of Capital Market Products and Services under the IFSCA (Capital Market Intermediaries) Regulations, 2021” (“Old Distribution Circular”), dated December 21, 2022.Continue Reading AIF Distributors and the IFSC Opportunity: What’s Changing in 2025

Pro-rata and Pari-Passu Rights: Regulating the Differential Rights for AIF Investors

The Securities and Exchange Board of India (“SEBI”) through its circular dated December 13, 2024 (“Circular”), along with Implementation Standards issued by the Standard Setting Forum for AIFs (“SFA”), introduced guidelines to ensure fair and equitable treatment of investors in alternative investment funds (“AIFs”), making pro-rata and pari passu rights an essential feature of AIF structures.Continue Reading Pro-rata and Pari-Passu Rights: Regulating the Differential Rights for AIF Investors

SEBI Proposes to Unlock Listed Debt Markets for Category II AIFs

Introduction

The Securities and Exchange Board of India (“SEBI”), as part of its ongoing regulatory reforms, released a consultation paper on February 7, 2025, seeking public comments to review Regulation 17(a) of the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). The objective is to enhance investment flexibility for Alternative Investment Funds (“AIFs”), particularly in debt securities, while addressing concerns arising from recent regulatory changes by way of allowing Category II AIFs to make up to 100% of their investment in certain listed debt securities as explained in detail below. As of now, Category II AIFs are allowed to make less than 50% of their investments in listed securities.Continue Reading SEBI Proposes to Unlock Listed Debt Markets for Category II AIFs

SEBI Prescribes Due Diligence Norms for AIFs to Curb Regulatory Circumvention

Introduction

A new set of regulations has been implemented for Alternative Investment Funds (“AIFs”) to exercise “specific due diligence”,[1] with respect to their investors. The aim is to prevent investors from circumventing the extant norms administered by the financial sector regulators. These include:Continue Reading SEBI Prescribes Due Diligence Norms for AIFs to Curb Regulatory Circumvention