Photo of Vivaik Sharma

Partner in the Investment Funds Practice at Mumbai office of Cyril Amarchand Mangaldas. Vivaik has over 11 years of experience of advising reputed fund houses on structuring and setting up investment vehicles like including venture capital funds, private equity funds, hedge funds, real estate funds, infrastructure funds, PIPE funds, fund of funds, pre-IPO funds. He has advised fund managers in structuring and formation of bespoke investment structures, obtaining regulatory approvals and with investor disputes. Vivaik has also represented DFIs and sovereign investor for their investments in fund vehicles and set-up curated managed accounts for global investors. He can be reached at vivaik.sharma@cyrilshroff.com.

SEBI Clarifies Key Aspects of Investment Advisers Regulations through Informal Guidance

The Securities and Exchange Board of India (“SEBI”), through its interpretive letter, issued upon the request of Paytm Money Limited (“Paytm”) under the SEBI (Informal Guidance) Scheme, 2003 (“Informal Guidance Scheme”), on April 09, 2021, has clarified that investment advisers (“IAs”), registered with SEBI under the SEBI (Investment Advisers) Regulations, 2013 (“IA Regulations”), may not: (i) be reimbursed from the asset management companies for any expenses incurred for services rendered to their clients, even though the adviser may not be charging any advisory or execution fees; (ii) seek electronic consent from clients prior to rendering any investment advice, instead of a signed investment advisory agreement; and (iii) appoint a department head, who is not a managing director or designated director or managing chairman or executive chairman or any other equivalent management body of the IA, as its ‘principal officer’.
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Year 2020 in Review - The Funds Perspective

Remembering the year 2020 could easily turn one pensive. The year posed unprecedented challenges for the funds industry, driving-forth fundamental changes in the manner business would be conducted alongside the pandemic. The year also marked an important milestone in the ever-evolving regulatory landscape, with several amendments critical for funds and fund managers being rolled out.