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Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/21 - SEBI

Extract

..... a limited liability partnership which fulfills the criteria for startup as specified by the Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India, vide notification No. G.S.R. 127(E) dated February 19, 2019 or such other policy of the Central Government issued in this regard from time to time;” ii. clause (aa) shall be substituted with the following, namely, - “(aa) “venture capital undertaking” means a domestic company which is not listed on a recognised stock exchange at the time of making investments;” II In sub-regulation (2) of regulation 11, after the words and symbol “key service providers,” and before the words “conflict of interest”, the words and symbol “terms of reference of the committee constituted for approving the decisions of the Alternative Investment Fund,” shall be inserted. III In sub-regulation (1) of regulation 15, - i. clause (c) shall be substituted with the following, namely, - “(c) Category I and II of Alternative Investment Funds shall invest not more than twenty five per cent of the investable funds in an Investee Company direc .....

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Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/21 - SEBI

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..... sub-regulation (1) of regulation 19F, i. the words “venture capital undertakings” shall be substituted with the word “startups”. ii. clauses (a) and (b) shall be omitted. VIII Regulation 20 shall be substituted with the following, namely, - “20 (1) Alternative Investment Fund, key management personnel of the Alternative Investment Fund, trustee, trustee company, directors of the trustee company, designated partners or directors of the Alternative Investment Fund, as the case may be, managers and key management personnel of managers shall abide by the Code of Conduct as specified in the Fourth Schedule. Explanation.- For the purpose of this sub-regulation, ‘key management personnel’ shall have the meaning as specified by the Board from time to time. (2) The Manager and either the trustee or trustee company or the Board of Directors or the designated partners of the Alternative Investment Fund, as the case may be, shall ensure compliance by the Alternative Investment Fund with the Code of Conduct as specified in the Fourth Schedule. (3) All Alternative Investment Funds shall have detailed policies and procedures, as approved jointly by the M .....

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Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/21 - SEBI

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..... Code of Conduct applicable to them as specified in Fourth Schedule. (10) The external members of the Investment Committee whose names are not disclosed in the placement memorandum or in the agreement made with the investor or any other fund document at the time of on-boarding investors shall be appointed to the Investment Committee only with the consent of at least seventy five percent of the investors by the value of their investment in the Alternative Investment Fund or scheme. (11) The Sponsor or Manager of the Alternative Investment Fund shall appoint a custodian registered with the Board for safekeeping of the securities if the corpus of the Alternative Investment Fund is more than five hundred crore rupees: Provided that the Sponsor or Manager of a Category III Alternative Investment Fund shall appoint such a custodian, irrespective of the size of the corpus of the Alternative Investment Fund: Provided further that the custodian appointed by Category III Alternative Investment Fund shall keep the custody of the securities and goods received in delivery against the physical settlement of commodity derivatives. (12) All Alternative Investment Funds shall inform the Board in cas .....

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Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/21 - SEBI

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..... y capacity towards investors of the Alternative Investment Fund and ensure that decisions are taken in the interest of the investors; (e) abide by the policies of the Alternative Investment Fund to identify, monitor and appropriately mitigate any potential conflict of interest throughout the scope of its business; (f) not make any misleading or inaccurate statement, whether oral or written, either about their qualifications or capability to render investment management services or their achievements; (g) record in writing, the investment, divestment and other key decisions, together with appropriate justification for such decisions; (h) provide appropriate and well considered inputs, which are not misleading, as required by the valuer to carry out appropriate valuation of the portfolio; (i) not enter into arrangements for sale or purchase of securities, where there is no effective change in beneficial interest or where the transfer of beneficial interest is only between parties who are acting in concert or collusion, other than for bona fide and legally valid reasons; (j) abide by confidentiality agreements with the investors and not make improper use of the details of personal inv .....

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Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/21 - SEBI

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..... vestment Funds) Regulations, 2012 were subsequently amended on, - (1) 16th September, 2013 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/24/6573. (2) 23rd May, 2014 by Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089. (3) 26th September, 2014 by Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/11/1576. (4) 14th August, 2015 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/011. (5) 4th January, 2017 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2016 vide No. SEBI/LAD/NRO/GN/2016-17/026. (6) 6th March, 2017 by Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/037. (7) 1st June, 2018 by Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2018 vide No. SEBI/LAD/NRO/GN/2018/19. (8) 10th May, 2019 .....

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Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/21 - SEBI

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