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Modalities for launching Liquidation Scheme and for distributing the investments of Alternative Investment Funds (AIFs) in-specie - SEBI - SEBI/HO/AFD/PoD-I/P/CIR/2023/098Extract ..... wing new regulations have been inserted in AIF Regulations 1.1. Regulation 2(1)(pb) : liquidation period means a period of one year following the expiry of tenure or extended tenure of the scheme for fully liquidating the scheme of an Alternative Investment Fund. 1.2 . Regulation 2(1)(pc) : Liquidation scheme means a close ended scheme launched by an Alternative Investment Fund only for the purpose of liquidating the unliquidated investments purchased from its scheme, whose tenure has expired. 1.3. Regulation 29(9) : Notwithstanding anything contained in sub-regulation (7), during liquidation period of a scheme, an Alternative Investment Fund may distribute investments of a scheme which are not sold due to lack of liquidity, in-specie to th ..... x x x x x Extracts x x x x x Modalities for launching Liquidation Scheme and for distributing the investments of Alternative Investment Funds (AIFs) in-specie - SEBI x x x x x Extracts x x x x x ..... eme. (v) The dissenting investors of the Original Scheme who did not consent to sell the unliquidated investments to the Liquidation Scheme, shall be offered an option to fully exit the Original Scheme out of the 25% bid arranged by the AIF/ manager. After exercising the exit option by aforesaid dissenting investors, any unsubscribed portion of the bid shall be used to provide pro-rata exit to non-dissenting investors. (vi) If the bidder or its related parties are investors in the Original Scheme, they shall not be provided exit from the Original Scheme out of the bid. [Related party shall have same meaning as provided in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 .] (vii) Subsequently, the unliquidated investm ..... x x x x x Extracts x x x x x Modalities for launching Liquidation Scheme and for distributing the investments of Alternative Investment Funds (AIFs) in-specie - SEBI x x x x x Extracts x x x x x ..... egulation 2(1)(pb) , shall not be available to Liquidation Scheme. (xiii) If an AIF (viz. A1) has invested in units of another AIF (viz. A2) and the investee AIF (i.e. A2) has launched a Liquidation Scheme, then the investor AIF (i.e. A1) upon expiry of its tenure or extended tenure, shall mandatorily distribute the units of Liquidation Scheme held by it, in-specie to its investors (i.e. investors of A1). (xiv) Performance of Liquidation Scheme shall also be reported to Performance Benchmarking Agencies, in terms of SEBI Circular No. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 05, 2020. (xv) While obtaining the requisite investor consent, manager shall disclose to the investors that the value of the unliquidated investments sold to the Liq ..... x x x x x Extracts x x x x x Modalities for launching Liquidation Scheme and for distributing the investments of Alternative Investment Funds (AIFs) in-specie - SEBI x x x x x Extracts x x x x x ..... d exit from the Original Scheme out of the bid. [Related party shall have same meaning as provided in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 .] (vi) Subsequently, the unliquidated investments shall be distributed in-specie. For capturing in the track record of the manager and for reporting to Performance Benchmarking Agencies, the value of such in-specie distribution shall be a. Bid value, if the AIF/ manager arranges bid for a minimum of 25% of the value of unliquidated investments of the Original Scheme. b. One Rupee, if the AIF/ manager fails to arrange bid for a minimum of 25% of the value of unliquidated investments of the Original Scheme. (vii) The in-specie distribution shall be carried out and Origi ..... x x x x x Extracts x x x x x Modalities for launching Liquidation Scheme and for distributing the investments of Alternative Investment Funds (AIFs) in-specie - SEBI x x x x x Extracts x x x x x ..... Intermediary Portal (www.siportal.seb.gov.in) in the format as specified therein. (iii) The manager of AIF shall report the value, as specified above, with regard to sale of unliquidated investments to Liquidation Scheme or distribution of unliquidated investments in-specie, to Performance Benchmarking Agencies in a timely manner for the purpose of performance benchmarking. The manager shall also make suitable disclosure with regard to the same in the PPMs of subsequent schemes. (iv) The trustee/ sponsor of AIF, as the case may be, shall ensure that the Compliance Test Report prepared by the manager in terms of SEBI Circular No. CIR/IMD/DF/14/2014 dated June 19, 2014 , includes compliance with the provisions of this circular. 3. This circu ..... x x x x x Extracts x x x x x Modalities for launching Liquidation Scheme and for distributing the investments of Alternative Investment Funds (AIFs) in-specie - SEBI x x x x x Extracts x x x x x
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