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ARTICLE · 11 JULY 2017

Structuring India Focused Funds

Nishith Desai Associates
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In 2012, SEBI took steps to completely overhaul the regulatory framework for domestic funds in India and introduced the AIF Regulations. In 2015, a tax-pass through status had been hardwired for certain categories of AIFs by the Finance Act, 2015.

IndiaFinance and Banking
Richie Sancheti
Richie Sancheti
Nandini Pathak
Nandini Pathak
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  • Unified structures have emerged as a preferred choice for structuring India focused funds.
  • Such structures are gaining popularity for various commercial, legal and tax reasons which are briefly discussed in our article.
  • A unified structure has its unique set of commercial terms which are incorporated in the fund documentation. In our article, we discuss some of the most commonly used fund terms in a unified structure.

In 2012, SEBI took steps to completely overhaul the regulatory framework for domestic funds in India and introduced the AIF Regulations. In 2015, a tax-pass through status had been hardwired for certain categories of AIFs by the Finance Act, 2015. In early 2016, the exchange control norms were revised so that Indian managed and sponsored AIFs receiving foreign investments were put at par with domestic investors vis-à-vis making downstream investments.

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