An Overview
As 2023 drew to a close, SEBI gave effect to settlements
initiated by two Alternative Investment Funds under the SEBI
(Settlement Proceedings) Regulations, 2018,
("Settlement Regulations"). In this
article, ELP has reflected on the nature of the disputes involving
a Category II Alternative Investment Fund and Category III
Alternative Investment Fund, respectively, which were settled.
By way of background, Settlement Regulations came into effect on
January 1, 2019, and replaced the erstwhile SEBI (Settlement of
Administrative and Civil Proceedings) Regulations, 2014. The
Settlement Regulations sets out the procedures for settling
disclosure-related violations, complying with refund requirements,
and offering exit or purchase options for investors in line with
securities laws.
