The Securities Exchange Board of India (“SEBI”) has released a consultation paper on May 23, 2024[1] (“Consultation Paper”), wherein it has suggested modifications to certain aspects of the valuation framework for AIFs.Continue Reading Analysis of SEBI’s Consultation Paper on Valuation Framework for AIFs
In an interpretative letter sought under the SEBI (Informal Guidance) Scheme, 2003 (“Informal Guidance”), the markets regulator has clarified that the investment manager of an alternative investment fund (“AIF”) can provide investment management services to an offshore fund only as a SEBI-licensed portfolio manager under the SEBI (Portfolio Managers) Regulations, 2012 (“PM Regulations”). SEBI also reiterated that the investment managers of AIFs are considered to be regulated by SEBI. In this post, we will explore the queries, SEBI’s responses, and implications for the industry.Continue Reading SEBI Clarifies Applicability of Portfolio Managers Regulations to an Indian Manager of an Offshore Fund
“PPM filings will now be based on due diligence by merchant bankers
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