**Summary:**
SEBI Circular SEBI/HO/IMD/I/DF6/CIR/2021/568, issued on May 31, 2021, addresses a relaxation in compliance requirements for Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) registered under the erstwhile SEBI Venture Capital Funds Regulations, 1996.
The circular extends the due dates for regulatory filings by AIFs and VCFs for the period ending March 2021 to July 2021, as prescribed under the SEBI Alternative Investment Funds Regulations, 2012, and related circulars. This extension is granted in response to representations from the AIF industry citing difficulties related to the COVID-19 pandemic's second wave and associated restrictions.
AIFs and VCFs are now permitted to submit regulatory filings for the specified periods on or before September 30, 2021.
The circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect investor interests, promote market development, and regulate the securities market. It is effective immediately and is available on the SEBI website (www.sebi.gov.in) under "Legal Framework," "Circulars," and "Info for Alternative Investment Funds."
For further information, contact Sanjay Singh Bhati, Deputy General Manager, at 91-22-26449222 or ssbhati@sebi.gov.in.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body for securities market in India, also known as SEBI.
Alternative Investment Funds: A category of investment funds in India, referred to as AIFs.
Venture Capital Funds: A type of investment fund, referred to as VCFs.
SEBI Venture Capital Funds Regulations, 1996: The earlier regulations governing Venture Capital Funds which was superseded.
COVID-19: The global pandemic which caused disruptions and led to regulatory relaxations.
SEBI Alternative Investment Funds Regulations, 2012: The regulations governing Alternative Investment Funds.
Securities and Exchange Board of India Act, 1992: The act of parliament that established SEBI and defines its powers.
Sanjay Singh Bhati: Deputy General Manager at SEBI who issued the circular.
CIRCULAR
SEBI/HO/IMD/IMD-I/DOF6/CIR/2021/568 May 31, 2021
To,
All Alternative Investment Funds (AIFs)
All Venture Capital Funds (VCFs) [registered under erstwhile SEBI (Venture
Capital Funds) Regulations, 1996]
Dear Sir/Madam,
Sub: Relaxation in compliance with requirements pertaining to AIFs and
VCFs.
1. SEBI in receipt of representation from AIF Industry, requesting
extension of timelines for various regulatory filings and compliances for
AIFs and VCFs, due to ongoing second wave of the CoVID-19 pandemic
and restrictions imposed by various state governments.
2. After consideration, it has been decided to extend the due dates for
regulatory filings by AIFs and VCFs, during the period ending March
2021 to July 2021 as prescribed under SEBI (Alternative Investment
Funds) Regulations, 2012 and circulars issued thereunder. AIFs and
VCFs may submit regulatory filings for the aforesaid periods, as
applicable, on or before September 30, 2021.
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 interest of investors in securities and to promote the
development of, and to regulate the securities market. This Circular
shall come into force with immediate effect.
4. This Circular is available on SEBI website at www.sebi.gov.in under the
categories “Legal Framework” and under the drop down “Circulars” and
"Info for - Alternative Investment Funds”.
Yours faithfully,
Sanjay Singh Bhati
Deputy General Manager
Tel no.: +91-22-26449222
ssbhati@sebi.gov.in