9911796707
TMI BlogGuidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/managerX X X X Extracts X X X X X X X X Extracts X X X X ..... lation 12(4) of AIF Regulations, the first close of the scheme shall be declared by an AIF in the manner as may be specified by SEBI from time to time. In this regard, the following is specified: 2.1. The First Close 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 declara ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Calculation of tenure of close-ended schemes of AIFs: In terms of Regulation 13(4) of AIF Regulations, the manner of calculating the tenure of a close ended scheme of an AIF, including the manner of modification 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 calculat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontrol in or replacing the sponsor and ii) Exit of sponsor(s) in case of AIF having multiple sponsors. 4.4. The aforesaid fee shall be paid within 15 days of effecting the proposed change in manager/sponsor or change in control 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
