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This change was proposed through a consultation paper issued on February 7, 2025, to address the shrinkage of universe of unlisted securities following a change in the Listing Obligations and Disclosure Requirement (LODR) Rules.
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Sebi was responding to a query from FirstPort Capital Angel Fund. The fund also asked the regulator about the eligibility of a trust to become an angel investor.
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The AIF industry raised concerns with the regulator about a shrinking investible universe after a recent LODR Amendment
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In the Budget 26, the government clarifies that income received by such funds will be characterized as capital gains and not business income.
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The market regulator has questioned the rationale following the abolition of angel tax in the latest Budget
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The regulator has detailed what must be done to ensure AIFs are not misused by RBI-regulated entities to evergreen loans
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In a consultation paper released on August 30, Sebi has also proposed the setting up of a nodal department that will both receive the applications and monitor their progress
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The circular issued by the market regulator also said that the AIF regulations have been amended to allow extension of large value fund of accredited investors
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Currently, the AIF's guidelines requires that the fund's securities' valuation be done as per Mutual Funds Regulations, with certain exceptions.
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In a circular dated May 13, Sebi said that the regulation has come into force from May 10, 2024, and that it has to be complied with by May 9, 2025
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The lender reported a net profit of Rs 4,886 crore for the January-March quarter of the financial year 2023-24, which marks a 2.3 percent jump as compared to a net profit of Rs 4,775 crore clocked in the year-ago period.
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The market regulator had proposed these changes earlier this month, to facilitate ease of doing business
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The circular also said that if the liquidation of the assets is not completed within the dissolution period, there will no more extension given.
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The regulator's Board had given the nod for this in the March 15 meeting.
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It is mandatory for AIFs to carry out an annual audit of compliance with the terms of their PPMs.
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Any change in the PPM is now done through merchant bankers; the regulator has proposed doing away with this intermediary
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This is after the regulatory crackdown on AIFs that were helping- regulated lenders hide stressed assets
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In an effort to crack down on the misuse of AIFs to evergreen loans, the central bank had given lenders 30 days to liquidate their holdings in these funds or make provisions. The combined investments in all three AIF categories stood at Rs 3.54 lakh crore as on September 30, 2023, according to SEBI data
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RBI on December 19 said that regulated entities, such as banks, non-bank lenders and home financiers, cannot invest AIFs that have directly or indirectly invested in companies that have borrowed money from the lenders.
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The modification was made under the section that defines investors who are not allowed to contribute funds to AIFs.
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This came in view of amendments to the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
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In May 2023, Sebi had proposed stopping preferential-distribution model in AIFs, to stop this very same practice
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At present, Cat III AIFs are not allowed to invest in mutual funds, other than liquid funds as temporary investments
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Analysts studied the growth of 217 AIFs from FY13 to FY22, and found that a majority of these funds generated returns more than their public market equivalents
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Experts, however, point out that the norms need to be detailed a little more to ensure innocent promoters with no malafide intent are not affected
