Date: 2022-11-15Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub section 1 of Section 30 read with sub section 1 of Section 11, clause ba and clause c of sub section 2 of Section 11 and sub section 1 and 1B of Section 12 of the Securities and Exchange Board of India Act,
## Report on the Securities and Exchange Board of India (SEBI) Alternative Investment Funds Fourth Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Alternative Investment Funds (AIF) Fourth Amendment Regulations, 2022, based on the official notification published on November 15, 2022. The amendment primarily focuses on refining certain aspects of the AIF Regulations, 2012 related to the declaration of first close for schemes, the calculation and modification of the tenure of close-ended schemes, and the segregation of assets and liabilities within AIFs. The key findings indicate a move towards greater clarity and standardization in AIF operations and enhanced investor protection through improved asset segregation.
**2. Introduction:**
The purpose of this report is to provide an informative overview of the Securities and Exchange Board of India Alternative Investment Funds Fourth Amendment Regulations, 2022. This analysis is solely based on the text of the official notification provided and aims to highlight the key changes introduced and their potential impact on the AIF industry.
**3. Policy Overview:**
* **Amendment:** This is an amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012.
* **Core Objectives (Inferred):** Based on the amendment text, the core objectives appear to be:
* To clarify and standardize the process for declaring the first close of AIF schemes.
* To provide a framework for calculating and modifying the tenure of close-ended AIF schemes.
* To strengthen the segregation and ringfencing of assets and liabilities across different schemes within an AIF.
**4. Background and Rationale:**
The amendments likely aim to address existing ambiguities or operational challenges within the AIF Regulations, 2012. Specifically, the changes suggest a need for:
* **Clarity on First Close:** The changes related to "date of first close" indicate a prior lack of clarity or standardization in defining and declaring this event. The amendment intends to address this ambiguity.
* **Standardized Tenure Calculation:** The addition of subregulation 4 to regulation 13 suggests the absence of a uniform method for calculating the tenure of close-ended AIF schemes, leading to potential inconsistencies or disputes.
* **Enhanced Asset Segregation:** The introduction of subregulation 16 to regulation 20 implies a potential weakness or gap in the original regulations regarding the segregation of assets and liabilities across different schemes within the same AIF. The amendment seeks to mitigate the risk of cross-contamination or liability issues between schemes.
**5. Key Provisions / Changes:**
The following are the key changes introduced by the Fourth Amendment Regulations, 2022:
* **Regulation 2(1)(i):**
* **Change:** In the explanation to clause (p), the words "day of its launch" are replaced with "date of first close," and the words "last day" are replaced with "last date."
* **Effect:** This change clarifies the specific date that is important to the rule.
* **Regulation 12:**
* **Change:** A new subregulation 4 is inserted, requiring AIFs to declare the first close of a scheme in a manner specified by the Board. A new subregulation 5 is inserted, stipulating that if the AIF fails to declare the first close as specified, it must file a fresh application and pay the scheme fee.
* **Effect:** This mandates a formal declaration process for the first close, ensuring transparency and accountability. Failure to comply results in financial penalties and potentially delays the scheme launch.
* **Regulation 13:**
* **Change:** A new subregulation 4 is inserted, allowing the Board to specify the method for calculating and modifying the tenure of a close-ended AIF scheme. Subregulations 4 and 5 are renumbered to 5 and 6, respectively.
* **Effect:** This empowers the Board to standardize the calculation of scheme tenure, promoting consistency and predictability for investors.
* **Regulation 20:**
* **Change:** In subregulation 12, the phrase "any change in the Sponsor, Manager or designated partners or any other" is replaced with the word "any." In subregulation 13, "change of Sponsor or Manager" is inserted after "In case of," and "subject to levy of fees and any other conditions as may be specified by the Board from time to time" is inserted after "taken by the Alternative Investment Fund." A new subregulation 16 is inserted, mandating the segregation and ringfencing of assets and liabilities across different schemes within an AIF, including separate bank and securities accounts.
* **Effect:** This streamlines the reporting requirement in subregulation 12, introduces clarity and conditionality for changes of Sponsor or Manager and strengthens investor protection by ensuring clear segregation of assets and liabilities between schemes, mitigating potential risks of cross-contamination.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders directly affected by these amendments are:
* Alternative Investment Funds (AIFs)
* Sponsors and Managers of AIFs
* Trustees/Trustee Companies/Boards of Directors/Designated Partners of AIFs
* Investors in AIF schemes
* The Securities and Exchange Board of India (SEBI)
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the primary responsible agency, as it is empowered to specify the manner of declaring the first close (Regulation 12) and calculating scheme tenure (Regulation 13), and levy fees (Regulation 20). The Manager, trustee, trustee company, Board of Directors, or designated partners are responsible for ensuring asset segregation (Regulation 20).
* **Timelines and Procedures:** The amendment stipulates that the regulations come into force on the date of their publication in the Official Gazette (November 15, 2022). Further specific procedures and timelines will be specified by the Board from time to time through separate notifications.
**8. Expected Outcomes / Impact of Changes:**
The intended outcomes of these amendments are likely to include:
* **Increased Clarity and Transparency:** Standardizing the declaration of the first close and the calculation of scheme tenure should reduce ambiguity and provide greater clarity to investors.
* **Enhanced Investor Protection:** The mandated segregation of assets and liabilities across different schemes will protect investors from potential financial risks and cross-contamination issues.
* **Improved Regulatory Oversight:** Empowering SEBI to specify procedures and levy fees allows for more effective monitoring and enforcement of AIF regulations.
* **Operational Efficiency:** Clearer guidelines and standardized procedures could streamline AIF operations and reduce compliance burdens.
**9. Conclusion:**
The SEBI Alternative Investment Funds Fourth Amendment Regulations, 2022, represent a refinement and strengthening of the regulatory framework governing AIFs in India. The amendments focus on enhancing transparency, investor protection, and operational efficiency by clarifying key definitions, standardizing procedures, and mandating the segregation of assets and liabilities. These changes are expected to contribute to a more robust and reliable AIF ecosystem, ultimately benefiting both fund managers and investors.
Key Entities Referenced
NEW DELHI: City in India, place of publication of the Gazette of India
SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body for securities and commodity market in India
Mumbai: City in Maharashtra, India; location of the Securities and Exchange Board of India
Securities and Exchange Board of India Act, 1992: Law that established the powers and functions of the Securities and Exchange Board of India
Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012: Regulations governing Alternative Investment Funds in India
Securities and Exchange Board of India Alternative Investment Funds Fourth Amendment Regulations, 2022: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Madhabi Puri Buch: Chairman of the Securities and Exchange Board of India
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2013: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Payment of Fees Amendment Regulations, 2014: Amendment regarding payment of fees to the Securities and Exchange Board of India
Securities and Exchange Board of India Real Estate Investment Trusts Regulations, 2014: Regulations concerning Real Estate Investment Trusts by the Securities and Exchange Board of India
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2015: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2016: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Payment of Fees and Mode of Payment Amendment Regulations, 2017: Amendment to the regulations concerning payment of fees and mode of payment to the Securities and Exchange Board of India
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2018: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2019: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020: Amendment regarding the Regulatory Sandbox by the Securities and Exchange Board of India
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2020: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2021: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Second Amendment Regulations, 2021: Second amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012 in 2021
Regulatory Sandbox Amendment Regulations, 2021: Amendment regarding the Regulatory Sandbox
Securities and Exchange Board of India Alternative Investment Funds Third Amendment Regulations, 2021: Third amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012 in 2021
Securities and Exchange Board of India Alternative Investment Funds Fourth Amendment Regulations, 2021: Fourth amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012 in 2021
Securities and Exchange Board of India Alternative Investment Funds Fifth Amendment Regulations, 2021: Fifth amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012 in 2021
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2022: Amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Second Amendment Regulations, 2022: Second amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012 in 2022
Securities and Exchange Board of India Alternative Investment Funds Third Amendment Regulations, 2022: Third amendment to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012 in 2022
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-एम.एxxचx.G-IअD.E-x1x6x1 12022-240309
CG-MH-E-16112022-240309
ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 581] नइ ददपली, मगं लिार, निम्ब र 15, 2022/कार्ततक 24, 1944
No. 581] NEW DELHI, TUESDAY, NOVEMBER 15, 2022/KARTIKA 24, 1944
भारतीय प्रजतभजू त और जिजनमय बोडड
ऄजधसचू ना
मब ं इ, 15 निम् बर, 2022
भारतीय प्रजतभजू त और जिजनमय बोडड
[अनक जपिक जिजनधान (जनििे ) जनजधया]ाँ (चौथा सिं ोधन) जिजनयम, 2022
स.ं सबे ी/एल.ए.डी.-एन.अर.ओ./जी.एन./2022/105.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोडड ऄजधजनयम,
1992 (1992 का 15) की धारा 11 की ईि-धारा (1), धारा 11 की ईि-धारा (2) के खंड (खक) एिं खंड (ग) तथा धारा
12 की ईि-धारा (1) एिं ईि-धारा (1ख) के साथ िठठत धारा 30 की ईि-धारा (1) द्वारा प्रदान की गइ िजियों का प्रयोग
करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 का
और संिोधन करन े के जलए जनम्नजलजखत जिजनयम बनाता ह,ै ऄथाडत,्-
1. आन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोड ड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (चौथा
संिोधन) जिजनयम, 2022 कहा जा सकेगा ।
2. ये जिजनयम राजित्र म ें आनके प्रकािन की तारीख को लागू होंग े ।
3. भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 म,ें-
I. जिजनयम 2 के ईि-जिजनयम (1) म,ें खंड (त) म,ें स्ट्िष्टीकरण के स्ट्थान िर जनम्नजलजखत स्ट्िष्टीकरण अ जाएगा-
“स्ट्िष्टीकरण : आस खंड के प्रयोजनाथ,ड िब्द “ऄिजध” का ऄथड ह ै– स्ट्कीम के िहली बार बंद होने की तारीख स े
लेकर ईसकी मीयाद [जैसा जनजध दस्ट्तािेजों (फंड डॉक्यूमेंट्स) म ेंबताया गया हो] की ऄंजतम तारीख तक का
समय;”
7598 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
II. जिजनयम 12 में, ईि-जिजनयम (3) के बाद, जनम्नजलजखत नए ईि-जिजनयम जोडे जाएंग,े ऄथाडत,् -
“(4) स्ट्कीम के िहली बार बंद होने की घोषणा अन कजपिक जनिेि जनजध (ऑपटरनेठटि आन्िस्ट्े टमेंट फंड) द्वारा
ईसी प्रकार की जाएगी, जैसा बोडड द्वारा समय-समय िर बताया जाए ।
(5) ईि-जिजनयम (2) के िरंत क के होत े हुए भी, यदद अन कजपिक जनिेि जनजध स्ट्कीम के िहली बार बंद होन े
की घोषणा जनधाडठरत तरीके स े नहीं कर िाती, तो ईसे स्ट्कीम िरू करन े के जलए नए जसरे स े अिेदन प्रस्ट्त त
करना होगा और दसू री ऄन सूची में जनधाडठरत की गइ स्ट्कीम फीस ऄदा करनी होगी ।”
III. जिजनयम 13 म,ें
i) ईि-जिजनयम (3) के बाद, जनम्नजलजखत नया ईि-जिजनयम जोडा जाएगा, ऄथाडत,् -
“(4) अन कजपिक जनिेि जनजध की सीजमत ऄिजध िाली स्ट्कीम की ऄिजध की गणना ईसी प्रकार की
जा सकेगी और साथ ही साथ ईसकी ऄिजध में बदलाि भी ईसी प्रकार दकया जा सकेगा, जैसा बोडड
द्वारा समय-समय िर बताया जाए ।”
ii) मौजूदा ईि-जिजनयम (4) और (5), क्रमिः ईि-जिजनयम (5) और (6) के रूि में ि न:संखयांदकत हो
जाएंगे ।
IV. जिजनयम 20 म,ें
i) ईि-जिजनयम (12) में, िब्द और जचह्न “प्रायोजक, प्रबंधक या ऄजभजहत भागीदारों (डेजसग्नेटेड
िाटडनर) में कोइ िठरितडन होने िर या” हट जाएगं ;े
ii) ईि-जिजनयम (13) के स्ट्थान िर जनम्नजलजखत ईि-जिजनयम अ जाएगा, ऄथाडत,् -
“यदद प्रायोजक या प्रबंधक बदल रह े हों, ऄथिा अन कजपिक जनिेि जनजध, प्रायोजक या प्रबंधक के
जनयंत्रण म ें िठरितडन हो रहा हो, तो अन कजपिक जनिेि जनजध को आस संबंध म ें बोडड स े िूिड मंजूरी
लेनी होगी, जजसके जलए फीस भी जमा करनी होगी तथा कोइ ऄन्य ित ें भी िूरी करनी होंगी, जैसा
बोडड द्वारा समय-समय िर जनधाडठरत दकया जाए।”
iii) ईि-जिजनयम (15) के बाद, जनम्नजलजखत नया ईि-जिजनयम जोडा जाएगा, ऄथाडत,् -
“प्रबंधक और यथाजस्ट्थजत अनक जपिक जनिेि जनजध का न्यासी (रस्ट्टी) या न्यासी कंिनी या जनदेिक
मंडल या ऄजभजहत भागीदार (डेजसग्नेटेड िाटडनर) यह स जनजित करेंग े दक अन कजपिक जनिेि जनजध
की प्रत्येक स्ट्कीम की अजस्ट्तयााँ (ऄसेट्स) और देयताएाँ (लाआजबजलटी) अन कजपिक जनििे जनजध की
दसू री स्ट्कीमों से िूरी तरह से ऄलग-ऄलग रह;ें और प्रत्येक स्ट्कीम के बैंक खाते और प्रजतभूजतयों
(जसक्यूठरटीज़) के खात े भी िूरी तरह स ेऄलग-ऄलग रह ें।”
माधबी ि री ब च, ऄध्यक्ष
[जिज्ञािन-III/4/ऄसा./404/2022-23]
िाद ठटप्िण :
1. भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ जिजनयम, 2012, स.ं एल.ए.डी.-
एन.अर.ओ./जी.एन./2012-13/04/11262, 21 मइ 2012 को भारत के राजित्र म ेंप्रकाजित हुए थ े।
2. भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 तत्ििात्, -
(क) 16 जसतम्बर, 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2013, सं. एलएडी-एनअरओ/जीएन/2013-14/24/6573, द्वारा
(ख) 23 मइ, 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का संदाय) (संिोधन) जिजनयम, 2014, स.ं
एल.ए.डी.-एन.अर.ओ./जी.एन./2014-15/03/1089, द्वारा
(ग) 26 जसतम्बर, 2014 को भारतीय प्रजतभूजत और जिजनमय बोड ड (ठरयल आस्ट्टेट जनिेि न्यास) जिजनयम, 2014,
स.ं एल.ए.डी./एन.अर.ओ./जी.एन./2014-15/11/1576, द्वारा[भाग III—खण् ड 4] भारत का राजित्र : ऄसाधारण 3
(घ) 14 ऄगस्ट्त, 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2015, सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2015-16/011, द्वारा
(ङ) 4 जनिरी, 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2016, सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2016-17/026, द्वारा
(च) 6 माच,ड 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का भ गतान और भ गतान का माध्यम)
(संिोधन) जिजनयम, 2017, सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2016-17/037, द्वारा
(छ) 1 जून, 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड [अन कजपिक जिजनधान (जनिेि) जनजधयााँ] (संिोधन)
जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2018/19, द्वारा
(ज) 10 मइ, 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड [अनक जपिक जिजनधान (जनिेि) जनजधया]ाँ (संिोधन)
जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2019/16, द्वारा
(झ) 17 ऄप्रलै , 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधन) जिजनयम,
2020, सं. सेबी/एल.ए.डी.-एनअरओ/जीएन/2020/10, द्वारा
(ञ) 19 ऄिूबर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी./एन.अर.ओ./जी.एन./2020/37, द्वारा
(ट) 8 जनिरी, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2021, सं. सेबी/एल.ए.डी./एन.अर.ओ./जी.एन./2021/01, द्वारा
(ठ) 5 मइ, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (दसू रा
संिोधन) जिजनयम, 2021, स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2021/21, द्वारा
(ड) 3 ऄगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सडैं बॉक्स) (संिोधन) जिजनयम, 2021,
सं. सेबी/एलएडी-एनअरओ/जीएन/2021/30, द्वारा
(ढ) 3 ऄगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (तीसरा
संिोधन) जिजनयम, 2021, स.ं सेबी/एलएडी-एनअरओ/जीएन/2021/33, द्वारा
(ण) 13 ऄगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (चौथा
संिोधन) जिजनयम, 2021, स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2021/41, द्वारा
(त) 9 निम्बर, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(िााँचिााँ संिोधन) जिजनयम, 2021, स.ं सबे ी/एलएडी-एनअरओ/जीएन/2021/57, द्वारा
(थ) 24 जनिरी, 2022 को भारतीय प्रजतभूजत और जिजनमय बोडड [अन कजपिक जिजनधान (जनिेि) जनजधयााँ]
(संिोधन) जिजनयम, 2022, सं. सबे ी/एल.ए.डी.-एन.अर.ओ./जी.एन./2022/68, द्वारा
(द) 16 माचड, 2022 को भारतीय प्रजतभूजत और जिजनमय बोड ड [अन कजपिक जिजनधान (जनिेि) जनजधयााँ] (दसू रा
संिोधन) जिजनयम, 2022, स.ं सबे ी/एल.ए.डी.-एन.अर.ओ./जी.एन./2022/75, द्वारा
(ध) 25 ज लाइ, 2022 को भारतीय प्रजतभूजत और जिजनमय बोड ड [अन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (तीसरा
संिोधन) जिजनयम, 2022, स.ं सबे ी/एल.ए.डी.-एन.अर.ओ./जी.एन./2022/89, द्वारा
संिोजधत हुए थ े।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 15th November, 2022
SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS)
(FOURTH AMENDMENT) REGULATIONS, 2022
No SEBI/LAD-NRO/GN/2022/105.—In exercise of the powers conferred by sub-section (1) of
Section 30 read with sub-section (1) of Section 11, clause (ba) and clause (c) of sub-section (2) of Section
11 and sub-section (1) and (1B) of Section 12 of the Securities and Exchange Board of India Act, 1992
(15 of 1992), the Board hereby makes the following regulations to further amend the Securities and
Exchange Board of India (Alternative Investment Funds) Regulations, 2012, namely, –
1. These Regulations may be called the Securities and Exchange Board of India (Alternative
Investment Funds) (Fourth Amendment) Regulations, 2022.
2. They shall come into force on the date of their publication in the Official Gazette:
3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, –
I. In sub-regulation (1) of regulation 2,
i) in clause (p), in the Explanation,
a) the words “day of its launch” shall be replaced with “date of first close”; and
b) the words “last day” shall be replaced with “last date”;
II. In regulation 12, after sub-regulation (3), the following new sub-regulations shall be
inserted, namely, -
“(4) The first close of the scheme shall be declared by an Alternative Investment Fund in
the manner as may be specified by the Board from time to time.
(5) Notwithstanding the proviso to sub-regulation (2), if the Alternative Investment Fund
fails to declare the first close of the scheme in the specified manner, it shall be required to
file a fresh application for launch of the scheme by paying the requisite scheme fee under
the Second Schedule.”
III. In regulation 13,
i) after sub-regulation (3), the following new sub-regulation shall be inserted,
namely, -
“(4) The manner of calculating the tenure of a close ended scheme of an
Alternative Investment Fund, including the manner of modification of the tenure,
may be specified by the Board from time to time.”
ii) the existing sub-regulations (4) and (5) shall be renumbered as (5) and (6)
respectively.
IV. In regulation 20,
i) in sub-regulation (12), the words and symbols “any change in the Sponsor,
Manager or designated partners or any other” shall be replaced with the word
“any”;
ii) in sub-regulation (13),
a) after the words “In case of”, the words and symbols “change of Sponsor or
Manager, or” shall be inserted; and
b) after the words “taken by the Alternative Investment Fund”, the words and
symbol “, subject to levy of fees and any other conditions as may be specified
by the Board from time to time” shall be inserted.[भाग III—खण् ड 4] भारत का राजित्र : ऄसाधारण 5
iii) after sub-regulation (15), the following new sub-regulation shall be inserted,
namely, -
“(16) The Manager and either the trustee or the trustee company or the Board of
Directors or designated partners of the Alternative Investment Fund, as the case
may be, shall ensure that the assets and liabilities of each scheme of an Alternative
Investment Fund are segregated and ring-fenced from other schemes of the
Alternative Investment Fund; and bank accounts and securities accounts of each
scheme are segregated and ring-fenced.”
MADHABI PURI BUCH, Chairman
[ADVT.-III/4/Exty./404/2022-23]
Footnote:
1. The Securities and Exchange Board of India (Alternative Investment Funds)
Regulations, 2012 were published in the Gazette of India on May 21, 2012 vide No.
SEBI/LAD-NRO/GN/2012-13/04/11262.
2. The Securities and Exchange Board of India (Alternative Investment Funds)
Regulations, 2012 were subsequently amended on, –
(a) 16th September, 2013 by the Securities and Exchange Board of India (Alternative
Investment Funds) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-
14/24/6573.
(b) 23rd May, 2014 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089.
(c) 26th September, 2014 by the Securities and Exchange Board of India (Real Estate
Investment Trusts) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/11/1576.
(d) 14th August, 2015 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/011.
(e) 4th January, 2017 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2016 vide No. SEBI/LAD/NRO/GN/2016-17/026.
(f) 6th March, 2017 by the Securities and Exchange Board of India (Payment of Fees and
Mode of Payment) (Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-
17/037.
(g) 1st June, 2018 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2018 vide No. SEBI/LAD/NRO/GN/2018/19.
(h) 10th May, 2019 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2019 vide No. SEBI/LAD/NRO/GN/2019/16.
(i) 7th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
(j) 9th October, 2020 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2020 vide No. SEBI/LAD/NRO/GN/2020/37.
(k) 8th January, 2021 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2021 vide No. SEBI/LAD/NRO/GN/2021/01.
(l) 5th May, 2021 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/21.
(m) 3rd August, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No.
SEBI/LAD-NRO/GN/2021/30.
(n) 3rd August, 2021 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/33.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(o) 13th August, 2021 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Fourth Amendment) Regulations, 2021 vide No. SEBI.LAD-NRO/GN/2021/41.
(p) 9th November, 2021 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Fifth Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/57.
(q) 24th January, 2022 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/68.
(r) 16th March, 2022 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/75.
(s) 25th July, 2022 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Third Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/89.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.