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ARTICLE · 02 OCTOBER 2020

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Alternative Investment Funds Comparative Guide

Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas
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Cyril Amarchand Mangaldas

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Alternative Investment Funds Comparative Guide for the jurisdiction of India, check out our comparative guides section to compare across multiple countries

IndiaFinance and Banking
Shagoofa Rashid Khan
Shagoofa Rashid Khan

1 Legislative and regulatory framework

1.1 In broad terms, which legislative and regulatory provisions govern alternative investment funds in your jurisdiction?

Alternative investment funds (AIFs) are governed by the Securities and Exchange Board of India (SEBI) under the SEBI (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations'). Prior to 2012, AIFs were governed by the SEBI (Venture Capital Funds) Regulations, 1996, which have now been repealed.

Additionally, AIFs receiving foreign investment must comply with:

  • the SEBI (Foreign Portfolio Investor) Regulations, 2019 (‘FPI Regulations);
  • the Foreign Exchange Management Act, 1999; and
  • the rules and regulations issued thereunder, including the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (‘FEMA Regulations').

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