Photo of Sagar Gaba

Associate in the Investment Funds Practice at Mumbai office of Cyril Amarchand Mangaldas. Sagar advises domestic fund managers on formation and structuring of alternative investment funds. He also undertakes drafting of associated fund documents and advises domestic fund managers on regulatory issues.  He can be reached at sagar.gaba@cyrilshroff.com

SEBI Prescribes New Registration Requirement

Marking a significant departure from the erstwhile position, SEBI has mandated that Cat I and II AIF managers should procure Portfolio Management license for facilitating Co-investments

Fund managers desirous of facilitating Co-investments for contributors, sponsors or themselves, in connection with their Category I or Category II AIFs (“Cat I and/or II AIFs”), shall be required to register themselves with SEBI as ‘Co-investment Portfolio Manager’ (as defined below) i.e. a new category of portfolio managers under SEBI (Portfolio Managers) Regulations, 2020 (“SEBI PM Regulations”), effective from December 9, 2021.


Continue Reading SEBI Prescribes New Registration Requirement for Cat I & II AIF Managers Facilitating Co-Investments

SEBI Notifies Renewed Process for PPM Filing by AIFs

PPM filings will now be based on due diligence by merchant bankers

I.  Introduction

The Securities and Exchange Board of India (“SEBI”) at its board meeting held on August 6, 2021, announced a wide array of changes to the regulatory regime governing alternative investment funds (“AIFs”) in India. We had analysed the amendments and their effect in a prior regulatory update. Amongst the changes announced was a procedural update. The securities regulator had mandated that all private placement memoranda (“PPM”), the offer document shared with potential investors in an AIF, must be filed with it through a merchant banker.


Continue Reading SEBI Notifies Renewed Process for PPM Filing by AIFs