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Date: 2022-07-25 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by subsection 1 of Section 30 read with sub section

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Okay, I will generate the policy analysis report based on the provided text, adhering to the specified structure and constraints. **Report: Analysis of the Securities and Exchange Board of India (SEBI) Alternative Investment Funds Third Amendment Regulations, 2022** **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Alternative Investment Funds (AIF) Third Amendment Regulations, 2022. The amendment aims to facilitate and regulate investments into the social sector through Alternative Investment Funds, specifically Social Impact Funds. Key changes include defining "not for profit organizations", "social enterprise", "social impact funds," "social stock exchange", and "social units"; allowing social impact funds to issue social units; establishing a minimum corpus for social impact fund schemes; reducing the minimum investment value for investments in not-for-profit organizations listed on the social stock exchange; and allowing social impact funds to invest in securities of not for profit organizations. These changes are intended to encourage greater participation in social impact investing and streamline the regulatory framework for social ventures. **2. Introduction:** This report provides an overview and analysis of the Securities and Exchange Board of India (SEBI) Alternative Investment Funds Third Amendment Regulations, 2022 (hereinafter referred to as "the Amendment"). The analysis is based solely on the provided policy text and aims to inform stakeholders about the key changes introduced by this amendment. **3. Policy Overview:** * The Amendment modifies the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012. * **Core Objective(s):** Based on the text, the core objective appears to be to promote and regulate investments in social ventures and not-for-profit organizations by creating a specific framework for Social Impact Funds within the existing AIF Regulations. This includes creating definitions for relevant entities and providing greater flexibility and focused governance. **4. Background and Rationale:** The amendment likely aims to address the need for a more tailored regulatory framework for social impact investing within the AIF structure. The creation of specific definitions and rules related to "social enterprises", "social stock exchanges," and "social impact funds" suggests a desire to formalize and encourage investments into this sector. The specific changes point toward lowering barriers for investors, attracting more capital to the social sector. **5. Key Provisions / Changes:** The Amendment introduces several key changes to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012. These include: * **Definition Additions (Regulation 2):** Adds definitions for: * `qa) not for profit organization`: Adopts the definition from clause (e) of regulation 292A of the SEBI Issue of Capital and Disclosure Requirements Regulations, 2018. Effect: provides clarity. * `ta) social enterprise`: Adopts the definition from clause (h) of regulation 292A of the SEBI Issue of Capital and Disclosure Requirements Regulations, 2018. Effect: provides clarity. * `tb) social impact fund`: Defines an AIF investing primarily in social ventures or enterprises, adhering to social performance norms. Effect: creates clear criteria for what qualifies as a social impact fund. * `tc) social stock exchange`: Adopts the definition from clause (i) of regulation 292A of the SEBI Issue of Capital and Disclosure Requirements Regulations, 2018. Effect: provides clarity. * `td) social units`: Defines units issued by social impact funds to investors who only seek social returns. Effect: Allows for a new type of investment unit catering to impact-focused investors. * **Regulation 3:** Replaces "social venture funds" with "social impact funds" in subregulation 4 clause a. This represents a name change. * **Regulation 10:** * Allows social impact funds to issue social units (proviso added to clause a). Effect: Provides flexibility for fund structures. * Sets a minimum corpus of five crore rupees for each scheme of a social impact fund (proviso added to clause b). Effect: Establishes a minimum scale for social impact fund schemes. * Reduces the minimum investment value to two lakh rupees for investments in not-for-profit organizations registered or listed on a social stock exchange (proviso added to clause c). Effect: reduces barriers to entry. * **Regulation 16:** * Substitutes 'venture' with 'impact' in subregulation 4. * Requires at least 75% of investable funds to be invested in unlisted securities or partnership interest of social ventures or in units of social ventures or in securities of social enterprises. Effect: focus on social ventures. * Reduces the minimum investment from twenty five lakh rupees to ten lakh rupees (clause b). * Allows a social impact fund launched exclusively for a not for profit organization to invest 100% of the investable funds in the securities of not for profit organizations registered or listed on a social stock exchange. Effect: increases flexibility. * Includes 'social enterprises' (clause c). * Clause d is omitted. * **FIRST SCHEDULEFORM**: substitutes 'Venture' with 'Impact'. **6. Target Audience and Stakeholders:** The primary target audience and stakeholders affected by these amendments include: * Alternative Investment Funds (AIFs), particularly those focused on social impact. * Social enterprises and social ventures seeking funding. * Not-for-profit organizations seeking funding, especially those listed on a social stock exchange. * Investors interested in social impact investing. * Securities and Exchange Board of India (SEBI) **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The SEBI is the responsible agency for implementing and overseeing these regulations. * **Timelines/Procedures:** The amendment comes into force on the date of its publication in the Official Gazette (July 25, 2022). * **Implementation Specific to Changes:** AIFs intending to operate as social impact funds will need to align their investment strategies and fund structures with the new definitions and provisions. They will need to ensure compliance with the minimum corpus requirements, investment restrictions, and reporting requirements. **8. Expected Outcomes / Impact of Changes:** The intended outcomes of these amendments are likely to include: * Increased investment in social enterprises and not-for-profit organizations. * Greater clarity and regulatory certainty for social impact funds. * Attracting a wider range of investors to social impact investing, including those seeking only social returns. * Enhanced transparency and accountability in the social investment ecosystem. * Improved efficiency in capital allocation to social ventures. **9. Conclusion:** The SEBI Alternative Investment Funds Third Amendment Regulations, 2022 represent a significant step towards formalizing and promoting social impact investing in India. The introduction of specific definitions, relaxed investment thresholds, and the creation of "social units" are expected to encourage greater participation and channel more capital towards social ventures and not-for-profit organizations. These changes create a more conducive environment for social impact funds to operate and contribute to addressing social challenges.

Key Entities Referenced

NEW DELHI: The city where the Gazette of India was published. SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body for securities and commodity market in India. Mumbai: City in Maharashtra, where the notification was issued. SECURITIES AND EXCHANGE BOARD OF INDIA ALTERNATIVE INVESTMENT FUNDS THIRD AMENDMENT REGULATIONS, 2022: The main policy document being analyzed. Securities and Exchange Board of India Act, 1992: The Act of Indian Parliament that established SEBI. Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012: The principal regulations being amended. Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018: Regulations referenced for definitions of 'not for profit organization', 'social enterprise', and 'social stock exchange'. social impact fund: A type of Alternative Investment Fund which invests primarily in securities, units or partnership interest of social ventures or securities of social enterprises and which satisfies the social performance norms laid down by the fund social stock exchange: An exchange for not for profit organizations social units: Units issued by a social impact fund or schemes of a social impact fund to investors who have agreed to receive only social returns or benefits and no financial returns against their contribution Madhabi Puri Buch: Chairman of the Securities and Exchange Board of India (SEBI). Government of India Press, Ring Road, Mayapuri, New Delhi110064: Address of the printing office Controller of Publications, Delhi110054: Publisher of the Gazette of India
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-25072022-237555 xxxGIDHxxx CG-MH-E-25072022-237555 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 372] नई ददपली, सोमिार, ि लाई 25, 2022/श्रािण 3, 1944 No. 372] NEW DELHI, MONDAY, JULY 25, 2022/SHRAVANA 3, 1944 भारतीय प्रजतभजू त और जिजनमय बोडड अजधसचू ना मब ं ई, 25 ि लाई, 2022 भारतीय प्रजतभजू त और जिजनमय बोडड [आनक जपिक जिजनधान (जनििे ) जनजधया]ाँ (तीसरा सिं ोधन) जिजनयम, 2022 फा. स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/89.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोड ड अजधजनयम, 1992 (1992 का 15) की धारा 11 की उि-धारा (1), धारा 11 की उि-धारा (2) के खडं (खक) एि ं खंड (ग) तथा धारा 12 की उि-धारा (1) एि ं उि-धारा (1ख) के साथ िठित धारा 30 की उि-धारा (1) द्वारा प्रदान की गई िजियों का प्रयोग करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 का और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथातड ्,- 1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (तीसरा संिोधन) जिजनयम, 2022 कहा िा सकेगा । 2. ये जिजनयम रािित्र म ेंइनके प्रकािन की तारीख को लागू होंग े । 3. भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 म,ें- I. जिजनयम 2 के उि-जिजनयम (1) म,ें i. खंड (थ) के बाद, जनम्नजलजखत खंड (थक) िोडा िाएगा, अथातड ्,- 4945 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “(थक) “लाभ न कमाने के उद्देश्य से बने संगिन” का िही अथड होगा, िो भारतीय प्रजतभूजत और जिजनमय बोडड [िूाँिी का जनगडमन (इश्य)ू और प्रकटीकरण अिक्षे ाएाँ] जिजनयम, 2018 [सेबी (इश्य ू ऑफ कैजिटल एंड जडस्ट््लोज़र ठरक्वायरमेंट्स) रेग्यलू ेिन्स, 2018] के जिजनयम 292क के खंड (ङ) म ें इसके जलए ददया हुआ ह;ै” ii. खंड (न) के बाद, जनम्नजलजखत खंड (नक), (नख), (नग) और (नघ) िोडे िाएंग,े अथाडत,् - “(नक) “सोिल एंटरप्राइस” का िही अथ डहोगा, िो भारतीय प्रजतभूजत और जिजनमय बोड ड[िूाँिी का जनगडमन (इश्य)ू और प्रकटीकरण अिेक्षाए]ाँ जिजनयम, 2018 के जिजनयम 292क के खंड (ि) में इसके जलए ददया हुआ ह;ै (नख) “सोिल इम्िै्ट फंड” का अथ डह ैिह आन कजपिक जनिेि जनजध (ऑपटरनेठटि इन्िेस्ट्टमेंट फंड), िो म ख्य तौर िर सामाजिक उद्यमों (सोिल िेंचरों) की प्रजतभूजतयों (जस्यूठरटीज़), यूजनटों या भागीदारी जहत (िाटडनरजिि इंटरेस्ट्ट) में अथिा सोिल एंटरप्राइस की प्रजतभूजतयों (जस्यूठरटीज़) में जनिेि करती ह ैऔर िो इस जनजध (फंड) द्वारा समाि को फायदा िहुचाँ ान ेके संबंध म ेंजनधाडठरत दकए गए मानदंडों को िूरा करती ह;ै (नग) “सोिल स्ट्टॉक ए्सचेंि” का िही अथ डहोगा, िो भारतीय प्रजतभूजत और जिजनमय बोड ड[िूाँिी का जनगडमन (इश्य)ू और प्रकटीकरण अिेक्षाएाँ] जिजनयम, 2018 के जिजनयम 292क के खंड (झ) म ें इसके जलए ददया हुआ ह;ै (नघ) “सोिल यूजनटों” का अथ डह ैि ेयूजनटें िो सोिल इम्िै्ट फंड या सोिल इम्िै्ट फंड की स्ट्कीमों द्वारा ऐसे जनिेिकों को िारी की िाए,ाँ जिन्होंने जनिेि आर्थथक लाभ कमान ेके जलए नहीं बजपक केिल समाि कपयाण के इरादे से दकया हो;” iii. खंड (फ) हट िाएगा । II. जिजनयम 3 म,ें उि-जिजनयम (4) म,ें खंड (क) म,ें िब्दों “सामाजिक उद्यम जनजधयााँ” के स्ट्थान िर िब्द “सोिल इम्िै्ट फंड” आ िाएंग े । III. जिजनयम 10 म,ें i. खंड (क) के स्ट्थान िर जनम्नजलजखत खंड आ िाएगा, अथाडत,् - “(क) आन कजपिक जिजनधान (जनिेि) जनजध यूजनटें िारी करके दकसी भी जनिेिक से िैसा ि टा सकेगी, दफर चाह ेिह जनिेिक भारतीय हो, जिदेिी हो या अजनिासी भारतीय हो: िरंत यह दक सोिल इम्िै्ट फंड या सोिल इम्िै्ट फंड की स्ट्कीमें सोिल यूजनटें भी िारी कर सकेंगी;” ii. खंड (ख) म,ें क. जचह्न “;” के स्ट्थान िर जचह्न “:” आ िाएगा । ख. खंड (ख) के बाद, जनम्नजलजखत िरंत क िोडा िाएगा, अथाडत,् - “िरंत यह दक सोिल इम्िै्ट फंड की प्रत्येक स्ट्कीम का कॉिडस कम से कम िााँच करोड रुिय े का होगा;” iii. खंड (ग) म,ें क. दसू रे िरंत क म,ें जचह्न “;” के स्ट्थान िर जचह्न “:” आ िाएगा। ख. दसू रे िरंत क के बाद, जनम्नजलजखत िरंत क िोडा िाएगा, अथाडत,् - “िरंत यह और दक िो सोिल इम्िै्ट फंड केिल सोिल स्ट्टॉक ए्सचेंि के यहा ाँ रजिस्ट्रीकृत या सूचीबद्ध (जलजस्ट्टड) हुए ‘लाभ न कमाने के उद्देश्य से बन ेसंगिन’ की प्रजतभूजतयों (जस्यूठरटीज़) में ही जनिेि करता ह,ै उसके मामल ेमें एकल जनिेिक द्वारा कम से कम दो लाख रुिये का जनिेि दकया िाएगा;”[भाग III—खण् ड 4] भारत का रािित्र : असाधारण 3 IV. जिजनयम 16 म,ें उि-जिजनयम (4) म,ें i. िब्द “सामाजिक उद्यम जनजधयों” के स्ट्थान िर िब्द “सोिल इम्िै्ट फंड” आ िाएगं े । ii. खंड (क) के स्ट्थान िर जनम्नजलजखत खंड आ िाएगा, अथाडत,् - “जनिेियोग्य रकम की कम स ेकम िचहत्तर प्रजतित रकम का जनिेि सामाजिक उद्यमों (सोिल िेंचरों) की असूचीगत प्रजतभूजतयों (अनजलजस्ट्टड जस्यूठरटीज़) या भागीदारी जहत (िाटडनरजिि इंटरेस्ट्ट) में दकया िाएगा या सामाजिक उद्यमों (सोिल िेंचरों) की यूजनटों म ेंदकया िाएगा या सोिल एंटरप्राइस की प्रजतभूजतयों (जस्यूठरटीज़) में दकया िाएगा: िरंत यह दक मौिूदा सोिल इम्िै्ट फंड बाकी की जनिेियोग्य रकम का जनिेि सोिल स्ट्टॉक ए्सचेंि के यहााँ रजिस्ट्रीकृत या सूचीबद्ध (जलजस्ट्टड) ‘लाभ न कमाने के उद्देश्य से बन ेऐसे संगिनों’ की प्रजतभूजतयों (जस्यूठरटीज़) में कर सकेगा, जिसके जलए उस ेउनके द्वारा दकए िाने िाले जनिेि के मूपय के अन सार कम से कम 75% जनिेिकों से िूिड सहमजत लनेी होगी;” iii. खंड (ख) के िहले िरंत क म,ें िब्दों “िच्चीस लाख रुिय”े के स्ट्थान िर िब्द “दस लाख रुिये” आ िाएंगे । iv. खंड (ख) के िरंत क के बाद, जनम्नजलजखत खडं (खक) िोडा िाएगा, अथातड ,् - “(खक) खंड (क) और खडं (ख) के प्रािधानों के होत ेहुए भी, केिल सोिल स्ट्टॉक ए्सचेंि के यहााँ रजिस्ट्रीकृत या सूचीबद्ध (जलजस्ट्टड) ऐसे दकसी ‘लाभ न कमान ेके उद्देश्य से बन ेसंगिन’ के जलए ही ि रू दकए गए सोिल इम्िै्ट फंड या िरू की गई सोिल इम्िै्ट फंड की स्ट्कीमों को जनििे योग्य रकम का ित-प्रजतित जनिेि स्ट्टॉक ए्सचेंि के यहा ाँरजिस्ट्रीकृत या सूचीबद्ध (जलजस्ट्टड) ‘लाभ न कमाने के उद्देश्य से बन ेऐसे संगिनों’ की प्रजतभूजतयों (जस्यूठरटीज़) में करने की अन मजत होगी ।” v. खंड (ग) म,ें िब्दों “सामाजिक उद्यमों” के स्ट्थान िर िब्द और जचह्न “सामाजिक उद्यमों (सोिल िेंचरों) या सोिल एंटरप्राइसों” आ िाएंग े । vi. खंड (घ) हट िाएगा । vii. िहली अन सूची – प्ररूि म,ें प्ररूि-क म,ें िैरा-1 म,ें खंड (ङ) म,ें उि-खंड (2) म,ें िब्द “सामाजिक उद्यम जनजध” के स्ट्थान िर िब्द “सोिल इम्िै्ट फंड” आ िाएंग े । माधबी ि री ब च, अध्यक्ष [जिज्ञािन III/4/असा./193/2022-23] िाद ठटप्िण : 1. भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ जिजनयम, 2012, स.ं एल.ए.डी.- एन.आर.ओ./िी.एन./2012-13/04/11262, 21 मई 2012 को भारत के रािित्र म ेंप्रकाजित हुए थ े । 2. भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 तत्िश्चात्, - (1) 16 जसतम्बर, 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (संिोधन) जिजनयम, 2013, सं. एलएडी-एनआरओ/िीएन/2013-14/24/6573, द्वारा (2) 23 मई, 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का संदाय) (संिोधन) जिजनयम, 2014, स.ं एल.ए.डी.-एन.आर.ओ./िी.एन./2014-15/03/1089, द्वारा (3) 26 जसतम्बर, 2014 को भारतीय प्रजतभूजत और जिजनमय बोड ड (ठरयल इस्ट्टेट जनिेि न्यास) जिजनयम, 2014, स.ं एल.ए.डी./एन.आर.ओ./िी.एन./2014-15/11/1576, द्वारा (4) 14 अगस्ट्त, 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (संिोधन) जिजनयम, 2015, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2015-16/011, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (5) 4 िनिरी, 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (संिोधन) जिजनयम, 2016, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2016-17/026, द्वारा (6) 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.आर.ओ./िी.एन./2016-17/037, द्वारा (7) 1 िून, 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] (संिोधन) जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2018/19, द्वारा (8) 10 मई, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [आनक जपिक जिजनधान (जनिेि) जनजधयााँ] (संिोधन) जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2019/16, द्वारा (9) 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यलू ेटरी सैंडबॉ्स) (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एनआरओ/िीएन/2020/10, द्वारा (10) 19 अिूबर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी./एन.आर.ओ./िी.एन./2020/37, द्वारा (11) 8 िनिरी, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (संिोधन) जिजनयम, 2021, सं. सेबी/एल.ए.डी./एन.आर.ओ./िी.एन./2021/01, द्वारा (12) 5 मई, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (दसू रा संिोधन) जिजनयम, 2021, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2021/21, द्वारा (13) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सडैं बॉ्स) (संिोधन) जिजनयम, 2021, सं. सेबी/एलएडी-एनआरओ/िीएन/2021/30, द्वारा (14) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (तीसरा संिोधन) जिजनयम, 2021, स.ं सेबी/एलएडी-एनआरओ/िीएन/2021/33, द्वारा (15) 13 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (चौथा संिोधन) जिजनयम, 2021, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2021/41, द्वारा (16) 9 निम्बर, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (िााँचिााँ संिोधन) जिजनयम, 2021, स.ं सबे ी/एलएडी-एनआरओ/िीएन/2021/57, द्वारा (17) 24 िनिरी, 2022 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] (संिोधन) जिजनयम, 2022, सं. सबे ी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/68, द्वारा (18) 16 माचड, 2022 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] (दसू रा संिोधन) जिजनयम, 2022, स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/75, द्वारा संिोजधत हुए थ े। SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 25th July, 2022 [SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS)] (THIRD AMENDMENT) REGULATIONS, 2022 F. No. SEBI/LAD-NRO/GN/2022/89.—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, —[भाग III—खण् ड 4] भारत का रािित्र : असाधारण 5 1. These Regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (…..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. After clause (q), the following clause (qa) shall be inserted, namely, - “(qa) “not for profit organization” shall have the same meaning as assigned to it in clause (e) of regulation 292A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;” ii. after clause (t), the following clauses (ta), (tb), (tc) and (td) shall be inserted, namely, - “(ta) “social enterprise” shall have the same meaning as assigned to it in clause (h) of regulation 292A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (tb) “social impact fund” means an Alternative Investment Fund which invests primarily in securities, units or partnership interest of social ventures or securities of social enterprises and which satisfies the social performance norms laid down by the fund; (tc) “social stock exchange” shall have the same meaning as assigned to it in clause (i) of regulation 292A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (td) “social units” means units issued by a social impact fund or schemes of a social impact fund to investors who have agreed to receive only social returns or benefits and no financial returns against their contribution;” iii. clause (v) shall be omitted. II. In regulation 3, in sub-regulation (4), in clause (a), the words “social venture funds” shall be substituted with the words “social impact funds”. III. In regulation 10, i. in clause (a), a. the symbol “;” shall be substituted with the symbol “:”. b. after clause (a), the following proviso shall be inserted, namely,- “Provided that a social impact fund or schemes of a social impact fund may also issue social units;” ii. in clause (b), a. the symbol “;” shall be substituted with the symbol “:”. b. after clause (b), the following proviso shall be inserted, namely,- “Provided that each scheme of the social impact fund shall have a corpus of at least five crore rupees;” iii. in clause (c), a. in the second proviso, the symbol “;” shall be substituted with the symbol “:”. b. after the second proviso, the following proviso shall be inserted, namely,-6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “Provided further that in case of a social impact fund which invests only in securities of not for profit organizations registered or listed on a social stock exchange, the minimum value of investment by an individual investor shall be two lakh rupees;” IV. In regulation 16, in sub-regulation (4) , i. the word “venture” shall be substituted with the word “impact”. ii. clause (a) shall be substituted with the following, namely,- “At least seventy-five percent of the investable funds shall be invested in unlisted securities or partnership interest of social ventures or in units of social ventures or in securities of social enterprises: Provided that an existing social impact fund may invest the remaining investable funds in securities of not for profit organizations registered or listed on a social stock exchange with the prior consent of atleast 75% of the investors by value of their investment;” iii. in the first proviso to clause (b), the words “twenty five lakh rupees” shall be substituted with the words ―ten lakh rupees”. iv. after the provisos to clause (b), the following clause (ba) shall be inserted, namely,- “(ba) Notwithstanding the provisions of clauses (a) and (b), a social impact fund or schemes of a social impact fund launched exclusively for a not for profit organization registered or listed on a social stock exchange, shall be permitted to deploy or invest hundred percent of the investable funds in the securities of not for profit organizations registered or listed on a social stock exchange.” v. in clause (c), after the words “social ventures” and before the symbol and word “, provided”, the words “or social enterprises” shall be inserted. vi. clause (d) shall be omitted. vii. in the FIRST SCHEDULE-FORM, in FORM A, in paragraph 1, in clause (e), in sub-clause (2), the word ―Venture” shall be substituted with the word “Impact”. MADHABI PURI BUCH, Chairman [ADVT.-III/4/Exty./193/2022-23] 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, – (1) 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. (2) 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. (3) 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. (4) 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. (5) 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.[भाग III—खण् ड 4] भारत का रािित्र : असाधारण 7 (6) 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. (7) 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. (8) 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. (9) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10. (10) 19th October, 2020 by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2020 vide No. SEBI/LAD/NRO/ GN/2020/37. (11) 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. (12) 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. (13) 3rd August, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30. (14) 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. (15) 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. (16) 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. (17) 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. (18) 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. 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.

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