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ARTICLE · 31 JANUARY 2022

Introduction Of Special Situations Fund – Step Towards De-Stressing Stressed Assets

Khaitan & Co.
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The Securities and Exchange Board of India (SEBI) in its board meeting on 28 December 2021 (Board Meeting)

IndiaCorporate/Commercial Law
Divaspati Singh
Divaspati Singh
Khusboo Agarwal
Khusboo Agarwal
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Introduction

The Securities and Exchange Board of India (SEBI) in its board meeting on 28 December 2021 (Board Meeting) declared the introduction of the 'Special Situations Fund' (SSF), as a new sub-category of Category I Alternative Investment Funds (AIFs) under the SEBI (AIF) Regulations, 2012 (AIF Regulations).

In furtherance of the decision taken in the Board Meeting, SEBI notified the SEBI (AIF) (Amendment) Regulations, 2022 (AIF Amendment) on 24 January 2022 whereby 'Chapter III-B - Special Situation Funds' has been introduced under the AIF Regulations that govern SSFs.

Investments by SSFs

As per the AIF Amendment, SSFs can invest in 'special situation assets', which is defined to include the following:

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