Photo of Swaha Sinha

Associate in the Investment Funds Practice at the Mumbai office of Cyril Amarchand Mangaldas. Swaha can be reached at swaha.sinha@cyrilshroff.com

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.


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SEBI Regulatory Update

There have been significant changes to the regulatory regime governing alternative investment funds (“AIFs”)[1] in the past year and a half. In its Board Meeting dated August 06, 2021, the Securities and Exchange Board of India (“SEBI”) approved a fresh set of amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), governing AIFs, intended to ease compliance requirements, provide greater investment flexibility and streamline regulatory processes. A regulatory circular giving effect to these proposed amendments is awaited.


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Funds in GIFT City - FAQs & Structuring Insights Blog

 A. Introduction

Gujarat International Fin-Tec City (“GIFT City”) is being developed as a global financial and IT Services hub on the lines of globally benchmarked financial centres. It includes a Special Economic Zone having the status of an International Finance Services Centre (“IFSC”). The IFSC is set up to undertake financial services transactions that are currently carried out outside India by overseas financial institutions and overseas branches/ subsidiaries of Indian financial institutions. 
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