The Securities and Exchange Board of India (SEBI) has notified the first amendment to the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF regulations). The key amendments are outlined below:
Permission to market a fund prior to registration with SEBI: Subject to certain eligibility criteria being met, SEBI may now grant in-principle approval to applicant funds even if constituent documents have been submitted in draft form. On the basis of the in-principle approval, a fund manager is now permitted to raise commitments for a period of six months, after which duly executed constituent documents must be submitted.
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The legislative and regulatory update is compiled by Nishith Desai Associates (NDA), NDA is a research-based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.