Foreign investment in Alternative Investment Funds (AIFs)

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..... nvestment Funds) Regulations, 2012 ( AIF Regulations ), AIFs may raise funds from any investor whether Indian, foreign or non-resident Indians, by way of issue of units. 2. In this regard, the following is specified: 2.1. At the time of on-boarding investors, the manager of an AIF shall ensure the following: (a) Foreign investor of the AIF is a resident of the country whose securities ma .....

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..... Government of India. (b) The investor, or its underlying investors contributing twenty-five percent or more in the corpus of the investor or identified on the basis of control, is not the person(s) mentioned in the Sanctions List notified from time to time by the United Nations Security Council and is not a resident in the country identified in the public statement of Financial Action Task For .....

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..... to scheme of an AIF, subsequently does not meet the conditions specified at clause 2.1 above, the manager of the AIF shall not drawdown any further capital contribution from such investor for making investment, until the investor again meets the said conditions. The same shall also apply to investors already on-boarded to existing schemes of AIFs, who do not meet conditions specified at clause 2. .....

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