Page 2 - Aif

AIFs' large offshore investor base likely to face more restrictions

Regulators suggest change in FEMA rules to treat such funds as indirect foreign investment

Sebi comes out with standard reporting format for AIF PPM audit report

In order to have uniform compliance standards and for ease of compliance, markets regulator Sebi on Thursday came out with a standard reporting format for alternative investment fund (AIF) pertaining to Private Placement Memorandum (PPM) audit report. The reporting format has been prepared in consultation with pilot Standard Setting Forum for AIFs (SFA). Under the rules, AIFs are required to submit their annual PPM audit reports to the trustee, board of directors, or designated partners of the AIF, as well as to the board of directors or designated partners of the manager and Sebi, within six months after the end of the financial year. In a circular, Sebi said that the new reporting format will be hosted on the websites of the AIF associations which are part of SFA within two working days of issuance of this circular. The reporting requirement would be applicable for PPM audit reports to be filed for the financial year ending March 31, 2024 onwards. The associations would assist a

Edelweiss AIF to deploy Rs 6.5k cr over 2 years; eyes road, energy assets

The fund has about Rs 13,000 crore, half of that about Rs 6,500 crore is still pending (aka still to be used). That will be utilised over two years

Sebi proposes direct reporting of AIFs' PPM changes to cut compliance cost

To facilitate ease of doing business, Sebi has proposed that certain changes in the private placement memorandum of alternative investment funds can be submitted directly to the regulator rather than through a merchant banker. Also, the proposed move would rationalise the cost of compliance for alternative investment funds (AIFs). In its draft circular, Sebi said that certain changes carried out in private placement memorandum (PPM) are not required to be filed through merchant bankers and can be filed directly to the regulator. These included changes in the size of the fund, information related to affiliates, commitment period, key investment team of the manager and key management personnel of AIF, and reduction in expense or fee or cost charged to fund/investors. Additionally, changes in contact details of AIF, sponsor, manager, trustee or custodian, risk factors and track records of investment manager, among others, are not required to be filed through a merchant banker. The ..

In a relief to banks and NBFCs, Reserve Bank of India modifies AIF norms

RBI said that its regulated entities (REs) will now be required to make provisioning only to the extent of the amount invested by the AIF scheme in the debtor company and not the entire investment

RBI eases recently tightened regulations for banks' investments in AIFs

This was to ensure the rules were uniformly implemented among lenders and to address stakeholders' concerns, the Reserve Bank of India (RBI) said in a release

ASK Hedge Solutions aims to raise Rs 3,000 crore from AIF in 18 months

ASK Hedge Solutions on Monday said it is targeting to raise Rs 3,000 crore corpus from wealthy individuals and family offices in the next 18 months for its alternative investment fund. The ASKAbsolute Return Fund is an open-ended category-III alternative investment fund (AIF), which will be seeking to raise the money from high networth individuals, ultra HNIs, family offices and corporate treasuries, the company's chief executive officer Vaibhav Sanghavi told reporters here. Over the past decade or so, the nascent long-short platform has delivered returns of 10-15 per cent from a compounded annual growth rate perspective, Sanghavi said. He said the current fund will be targeted purely at domestic investors, but the next one of a similar strategy will open it for foreign investors as well. The newly launched fund has already received commitments of Rs 50 crore, and the company is targeting to take it to Rs 1,000 crore in six months. When asked about market regulator Sebi's concerns

Ease of doing biz: Market regulator Sebi to relax certain norms for FPIs

Regulator Sebi on Friday approved a raft of relaxations for foreign portfolio investors, alternative investment funds and entities seeking to raise funds through initial share sales, as part of facilitating the ease of doing business in the securities market. Also, the board of Securities and Exchange Board of India (Sebi) gave its nod for a uniform approach for verification of market rumours by entities that have listed their equities. In a move aimed at testing the feasibility of the optional T+0 settlement mechanism, a Beta version for a limited 25 scrips and limited brokers will be launched. Sebi will continue to do further stakeholder consultation, including with the users of the Beta version. The progress will be reviewed at the end of three months and six months, after which further course of action will be decided, Sebi said in a release. These proposals were cleared by the Sebi board at its meeting that ended late on Friday. Among other measures, the regulator decided to

Sebi extends deadline for comments on revamp of nominations framework

Markets regulator Sebi has extended the deadline till March 28 for submitting public comments on the proposal to revamp the nominations framework, a move aimed at reducing unclaimed assets in the securities market. The Securities and Exchange Board of India (Sebi) had placed the consultation paper to revise and revamp nomination facilities for the Indian securities market on its website on February 2 and sought comments by March 8. Now, it has been decided to extend the timeline for submission of comments to March 28, the Sebi said. In its consultation paper, the regulator proposed revamping the nominations framework in a move to reduce unclaimed assets in the securities market as well as smoothen the process for claiming the assets by surviving successors of the deceased investors. Also, it suggested revisions to nomination facilities for securities such as shares, bonds, units of REITs (Real Estate Investment Trusts), InvITs (Infrastructure Investment Trusts), AIFs (Alternative .

Angel funds approach Sebi, raise the issue of high depository fees

AIFs are pooled investment vehicles that cater to high-networth investors and institutions

Circumventions of rules industry-wide problem in AIFs: Sebi member Narayan

Narayan stressed that the capital markets regulator wants to learn from the industry and work in close collaboration with it to frame the rules going ahead

Motilal Oswal secures Rs 1,250 cr in first close for AIF real estate fund

Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, on Wednesday said it has successfully closed the first tranche of its sixth real estate fund, India Realty Excellence Fund VI (IREF VI) and has secured commitments of approximately Rs 1,250 crore in this first close. The company said it is a significant milestone for MO Alts, achieving the largest and fastest first close for any of their real estate funds to date. The fund will scout for opportunities in real estate in Kolkata and seven other top cities of India including Mumbai, Delhi-NCR, Pune, Bangalore and Chennai. IREF VI strategically focuses on early-stage investments, primarily targeting mid-income/affordable residential projects across India's top eight cities. "This successful fundraising, even amidst a buoyant equity market, underscores the unwavering trust our investors have placed in our capabilities," MO Alts, MD & CEO, Vishal Tulsyan said. MO Alts said it boasts

Alternative investment fund route to obtain 'QIB' status may get tough

QIBs are essentially institutional investors such as mutual funds, foreign portfolio investors (FPIs) and AIFs. They have separate quotas in initial public offerings (IPOs) and offer for sales (OFS)

Sebi bars Shares Bazaar Alternative Investment Fund from raising funds

SBPL, without registration, even offered advisory services and portfolio management services with assured returns in the range of 18 to 48 per cent, it was alleged

Piramal Enterprises posts Rs 2,378 crore loss on AIF provisions in Q3

Capital adequacy remains strong despite 4% AIF impact; Slows down on unsecured consumer loan book

Piramal Enterprises Q3 results: Consolidated net loss stood at Rs 2,378 cr

During the quarter, the group made a regulatory provision of Rs 3,540 crore with regard to its investments in AIFs as per the Reserve Bank of India's (RBI) mandate

ICICI Bank's profitability solid despite AIF provisioning, margin pressure

Ratings agency S&P said that the bank's better customer profile and underwriting compared to many Indian banking peers should also limit losses

Sebi may allow AIFs to 'exclude' investors from certain investments

Proposal will help address concerns about evergreening of loans

Sebi mulling exemptions in AIF norms, may allow pledging of infra assets

Sebi has been consulting with the Reserve Bank of India (RBI) too, he added, to discuss the potential 'financial stability ramifications'

Sebi mulls liquidation flexibility for AIF, VCFs to deal with beyond tenure

Capital markets regulator Sebi on Monday proposed to provide flexibility to Alternative Investment Funds (AIFs), Venture Capital Funds (VCFs) and their investors to deal with unliquidated investments of their schemes beyond expiry of tenure. In its consultation paper, the regulator suggested that instead of launching a new liquidation scheme by AIFs, the same scheme itself can be allowed to continue with the unliquidated investments beyond their tenure for a certain period or dissolution period for fully liquidating their unliquidated investments. Additionally, the regulator proposed extending flexibility of the dissolution process to venture capital funds through migration to the AIF regime. At present, the option to launch liquidation scheme is available only to those schemes of AIFs which are under 'Liquidation Period'-- the period of one year following the expiry of tenure of the scheme for fully liquidating the scheme and not available to VCFs, irrespective of whether their ..