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ARTICLE · 20 MAY 2024

Dissolution Period For AIFs: Lifeline For Funds With An End-Of-Life Crisis

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The SEBI has duly approved the migration of VCFs to the AIF regime, providing relief to VCFs which were running out of options to liquidate investments in an orderly manner.

IndiaStrategy
Vivek Mimani
Vivek Mimani
Khusboo Agarwal
Khusboo Agarwal
Mansi Agarwal
Mansi Agarwal
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Introduction

In a bid to address the hurdles presented by the 'liquidation scheme' construct for unliquidated investments held by alternative investment funds (AIFs), the Securities and Exchange Board of India (SEBI), on 25 April 2024, notified certain significant amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) by way of the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2024 (AIF Amendment 2024)1. The AIF Amendment 2024 did away with liquidation schemes and introduced a framework for 'Dissolution Period', the conditionalities of which were subsequently detailed in the circular issued by SEBI on 26 April 2024, thereby superseding the 'liquidation scheme' framework (Dissolution Period Circular)2.

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