The Securities and Exchange Board of India (SEBI) notified the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2021 to further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.
The SEBI seeks to amend regulation 20 which states the general obligations in which the Manager shall be responsible for investment decisions of the Alternative Investment Fund.
In regulation 20 after clause (iv) of the proviso to sub-regulation (6) “Provided further that clauses (i) and (ii) shall not apply to an Alternative Investment Fund in which each investor other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or directors of the Manager, has committed to invest not less than seventy crore rupees (or an equivalent amount in currency other than Indian rupee) and has furnished a waiver to the Alternative Investment Fund in respect of compliance with the said clauses, in the manner specified by the Board,” shall be inserted.
In regulation 20 in clause (iv) of the proviso to sub-regulation (6), the symbol “.” shall be substituted with the symbol “:”.
The notification will come into effect from 8th, January, 2021.
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