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TMI BlogGuidelines for overseas investment by Alternative Investment Funds (AIFs) / Venture Capital Funds (VCFs)X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia subject to such conditions or guidelines that may be stipulated or issued by the Reserve Bank of India and SEBI from time to time. 2. In this regard, the following is specified - (i) AIFs/VCFs shall file an application to SEBI for allocation of overseas investment limit in the format specified at Annexure A. (ii) The requirement of the overseas investee company to have an Indian Connection, as specified in para 3(ii) of SEBI Circular No. SEBI/VCF/CIR No. 1/98645/2007 dated August 09, 2007 and para 2(A)(e)(i) and para 2(B)(c)(iv) of SEBI Circular No. CIR/IMD/DF/7/2015 dated October 01, 2015, has been done away with. (iii) AIFs/VCFs shall invest in an overseas investee company, which is incorporated in a country whose securities m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imit available for overseas investment by AIFs/VCFs. (viii) All the overseas investments sold/divested by AIFs/VCFs till date, shall also be reported to SEBI in the format given at Annexure B within 30 days from the date of this circular, by emailing to [email protected]. 3. The Trustee/Board/Designated Partners of the AIFs/VCFs shall submit an undertaking to SEBI as specified at Annexure A with respect to the proposed overseas investment. 4. This Circular shall come into force with immediate effect. 5. This circular is issued with the approval of the competent authority. 6. This Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ticipating in the proposed overseas investment 3 Details of investment a) Type of instrument(s) in which the investment is proposed b) Nature of investment (Primary subscription, secondary purchase, etc.) c) Amount proposed to be invested (in USD) d) Amount invested in previous overseas investments (in USD) e) Investible corpus of the scheme of the AIF/VCF (in INR) B. Details of overseas investments made by the Scheme in the past: Sr. No. Name of overseas investee compan y Date of SEBI commu nication Amount allocated by SEBI (in USD) Amount invested (in USD) Date of invest ment Date of reporting of investment to SEBI Amount surrend ered (in USD) Date of reporting of the amount surrender ed to SEBI Whether th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lateral Memorandum of Understanding with SEBI. 5. [name of the overseas investee company] is not incorporated in a country identified in the public statement of Financial Action Task Force (FATF) as - (a) a jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or (b) a jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with FATF to address the deficiencies 6. The AIF/VCF shall not invest in Joint venture/Wholly Owned Subsidiary while making overseas investments. 7. The AIF/VCF shall adhere to FEMA Regulations and other guidelines specified by RBI from time to time wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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