TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... nancial assets; or (C) annual income of at least one crore rupees and minimum net worth of five crore rupees, out of which not less than two crore fifty lakh rupees is in the form of financial assets. (ii) in case of a body corporate, has net worth of at least fifty crore rupees; (iii) in case of a trust other than family trust, has net worth of at least fifty crore rupees; (iv) in case of a partnership firm set up under the Indian Partnership Act, 1932, each partner independently meets the eligibility criteria for accreditation: Provided that the Central Government and the State Governments, developmental agencies set up under the aegis of the Central Government or the State Governments, funds set up by the Central Government or the State Governments, qualified institutional buyers as defined under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Category I foreign portfolio investors, sovereign wealth funds and multilateral agencies and any other entity as may be specified by the Board from time to time, shall deemed to be an accredited investor and may not be required to obtain a certificate of accreditation; ] (b) Alte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gnised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013); (ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or ownership or change in controlling interest. Explanation For the purpose of sub-clause (ii), the expression controlling interest means an interest, direct or indirect, to the extent of not less than fifty percent of voting rights or interest; ] 19 [ (fa) Co-investment means investment made by a Manager or Sponsor or investor of Category I and II Alternative Investment Fund(s) in investee companies where such Category I or Category II Alternative Investment Fund(s) make investment: Provided that Co-investment by investors of Alternative Investment Fund shall be through a Coinvestment Portfolio Manager as specified under the Securities and Exchange Board of India (Portfolio Managers) Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g, developing or holding infrastructure projects; Explanation.─ Infrastructure shall be as defined by the government of India from time to time. (n) inspecting authority means any one or more person appointed by the Board to exercise powers conferred under regulation 30; (o) investee company means any company, special purpose vehicle or limited liability partnership or body corporate 5 [or real estate investment trust or infrastructure investment trust] in which an Alternative Investment Fund makes an investment; 17 [ (p) investable funds means corpus of the scheme of Alternative Investment Fund net of expenditure for administration and management of the fund estimated for the tenure of the fund. Explanation: For the purpose of this clause, the expression tenure means the duration of scheme from the 23 [ date of first close ] till 24 [ last date ] of the term as specified in the fund documents; ] 15 [ (pa) large value fund for accredited investors means an Alternative Investment Fund or scheme of an Alternative Investment Fund in which each investor (other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or directors of the Man ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efits and no financial returns against their contribution; ] (u) social venture means a trust, society or company or venture capital undertaking or limited liability partnership formed with the purpose of promoting social welfare or solving social problems or providing social benefits and includes,- (i) public charitable trusts registered with Charity Commissioner; (ii) societies registered for charitable purposes or for promotion of science, literature, or fine arts; (iii) 6 [company registered under section 8 of the Companies Act, 2013; ] (iv) micro finance institutions; 22 [ **** ] (w) sponsor means any person or persons who set up the Alternative Investment Fund and includes promoter in case of a company and designated partner in case of a limited liability partnership; 11 [ (wa) startup means a private limited company or 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; ] (x) trus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the substitution, it read as Companies Act, 1956 . 5 Inserted by the SEBI (Real Estate Investment Trusts) Regulations, 2014, w.e.f. 26-09-2014. 6 Substituted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the substitution, it read as company registered under Section 25 of the Companies Act, 1956 . 7 Inserted by the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2013, w.e.f. 16-09-2013 8 Substituted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the substitution, it read as Companies Act, 1956 (1 of 1956) . 9 Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/16 dated 10-05-2019 10 Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/16 dated 10-05-2019 11. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/21 dated 05-05-2021 12. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/21 dated 05-05-2021 before it was read as (aa) venture capital undertaking means a domestic company: (i) which is not listed on a recognised stock exchange in India at the time of making investment; and (ii) which is engaged in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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