**Summary:**
SEBI Circular SEBI/HO/IMD/DF6/CIR/P/2021/004, dated January 08, 2021, addresses all Alternative Investment Funds (AIFs) regarding an amendment to Regulation 20(6) of the SEBI AIF Regulations, 2012. The circular grants an exemption from clauses (i) and (ii) of the first proviso to Regulation 20(6), subject to specific conditions, including the requirement for each investor to furnish a waiver to the AIF regarding compliance with these clauses, as specified by SEBI. The format for this waiver is provided in Annexure I of the circular. This circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect investor interests and regulate the securities market. The circular is available on the SEBI website (www.sebi.gov.in) under the categories "Legal Framework Circulars" and "Info for Alternative Investment Funds." For further information, contact Sanjay Singh Bhati, Deputy General Manager, at 912226449222 or ssbhati@sebi.gov.in.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): Regulatory body for securities market in India.
Alternative Investment Funds (AIFs): A type of investment fund that does not fall under traditional investment categories.
SEBI AIF Regulations, 2012: Regulations governing Alternative Investment Funds in India.
Regulation 206 of SEBI AIF Regulations, 2012: Specific regulation within the SEBI AIF Regulations pertaining to certain clauses which are subject to amendment and waiver.
Securities and Exchange Board of India Act, 1992: The act of parliament that established the Securities and Exchange Board of India and defines its powers.
Sanjay Singh Bhati: Deputy General Manager at SEBI, as indicated by the circular.
CIRCULAR
SEBI/HO/IMD/DF6/CIR/P/2021/004 January 08, 2021
To,
All Alternative Investment Funds (AIFs)
Sir/ Madam,
Sub: Amendment to Regulation 20(6) of SEBI (AIF) Regulations, 2012
1. In terms of the amendment to SEBI (Alternative Investment Funds) Regulations,
2012 (“AIF Regulations”), notified on January 08, 2021, exemption is granted from
applicability of clause (i) and (ii) of the first proviso to Regulation 20(6), subject to
certain conditions including each investor furnishing a waiver to the AIF in respect
of compliance with these clauses, in the manner specified by SEBI. The said
notification is available here.
2. The format for waiver to be furnished by the investors in this regard, is given at
Annexure I.
3. This Circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 to protect the interests of investors
in securities market and to promote the development of, and to regulate the
securities market.
4. The circular is available on SEBI website at www.sebi.gov.in under the categories
"Legal framework - Circulars" and "Info for - Alternative Investment Funds”.
Yours faithfully,
Sanjay Singh Bhati
Deputy General Manager
+91-22-26449222
ssbhati@sebi.gov.in
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