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Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager - SEBI - SEBI/HO/AFD-1/PoD/P/CIR/2022/155

Extract

..... of a scheme shall be declared not later than 12 months from the date of SEBI communication for taking the PPM of the scheme on record. 2.2. In case of open ended schemes of Category III AIFs, the First Close shall refer to the close of their Initial Offer Period. 2.3. Corpus of the scheme at the time of declaring its First Close shall not be less than the minimum corpus prescribed in AIF Regulations for the respective category/sub-category of the AIF. 2.4. The commitment provided by sponsor or manager at the time of declaration of First Close, to the extent to meet the aforesaid minimum corpus requirement, shall not be reduced or withdrawn or transferred, post First Close. 2.5. Existing schemes of AIFs, who have not declared their First Clo .....

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Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager - SEBI

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..... n of the tenure, may be specified by SEBI from time to time. In this regard, the following is specified: 3.1. The tenure of close ended schemes of AIFs shall be calculated from the date of declaration of the First Close. 3.2. AIF may modify the tenure of a scheme at any time before declaration of its First Close. Prior to declaration of the First Close, the investor may withdraw or reduce commitment provided to such scheme of an AIF. 3.3. Existing schemes of AIFs which have declared their First Close, may continue to calculate their tenure from the date of Final Close in terms of SEBI Circular CIR/IMD/DF/7/2015 dated October 1, 2015. Such existing schemes of AIFs, which are yet to declare Final Close, shall declare their Final Close as per .....

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Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager - SEBI

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..... l of manager/sponsor. 4.5. In case of the applications pending with SEBI as on the date of this circular, for change in control of manager/sponsor or change in manager/sponsor, the requirement of fee shall be applicable only in those applications where none of the schemes of AIFs managed/sponsored by manager/sponsor have declared their First Close. 4.6. The prior approval granted by SEBI in this regard shall be valid for a period of 6 months from the date of SEBI communication for the approval. 5. This circular shall come into force with immediate effect. 6. This circular is issued with the approval of the competent authority. 7. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board .....

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Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager - SEBI

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