Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Alternative Investment Funds Amendment Regulations, 2015. The regulations amend the 2012 regulations regarding alternative investment funds. They come into force on the date of their publication in the Official Gazette, August 14, 2015.
Key Points / Main Content:
* **Amendment Regulations Title:** Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2015.
* **Effective Date:** The regulations come into force on the date of their publication in the Official Gazette.
* **Amendment to Regulation 15:** In the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012, regulation 15, subregulation 1, after clause (g), clause (h) is inserted.
* **Investment Classification:** Investment by Category I and Category II Alternative Investment Funds in the shares of entities listed on institutional trading platforms after the commencement of the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Fourth Amendment Regulations, 2015, is deemed investment in unlisted securities.
Impact Analysis:
* **Alternative Investment Funds (Category I & II):**
* Impact: Funds are subject to new regulations regarding investments in entities listed on institutional trading platforms. Such investments are now classified as investments in unlisted securities.
* Action Required: Ensure compliance with the updated regulations, particularly regarding investment classifications and any associated restrictions or reporting requirements.
* **Securities and Exchange Board of India (SEBI):**
* Impact: Responsible for enforcing the amended regulations and overseeing compliance by Alternative Investment Funds.
* Action Required: Implement and monitor compliance with the new amendment.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): A regulatory body for securities markets in India. The notification is issued by SEBI.
Alternative Investment Funds Amendment Regulations, 2015: The main subject of the notification. These regulations amend the 2012 regulations related to Alternative Investment Funds.
Securities and Exchange Board of India Act, 1992: The Act that empowers SEBI to make regulations. It is referenced as the source of authority for the current amendment.
Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012: The original regulations that are being amended by this notification.
Mumbai, Maharashtra: The city where SEBI is located and the place of issuance of the notification.
U. K. Sinha: The Chairman of SEBI, as indicated in the notification.
Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Fourth Amendment Regulations, 2015: Regulations related to the issue of capital and disclosure requirements, referenced within the context of investments by Category I and Category II Alternative Investment Funds.
Category I and Category II Alternative Investment Funds: These are types of Alternative Investment Funds, their investment activities are referenced in the notification.
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का (cid:13)योग करते !ए एतद(cid:22)ारा भारतीय (cid:13)ितभिू त और िविनयम बोड (cid:12) [आनुकि(पक िविनधान (िनवेश) िनिधयाँ]
िविनयम, 2012 का संशोधन करने के िलए िन(cid:3)न िलिखत िविनयम बनाता ह,ै अथा(cid:12)त,् —
1. इन िविनयम(cid:30) को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) [आनुकि(पक िविनधान (िनवेश) िनिधया]ँ (संशोधन)
िविनयम, 2015 कहा जा सकेगा।
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3502 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
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सं.एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/04/11262, 21 मई2012 को भारत के राजप, म- (cid:13)कािशत
!ए थे ।
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(क) 16 िसत(cid:3)बर, 2013 को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) [आनुकि(पक िविनधान (िनवेश)
िनिधया]ँ (संशोधन) िविनयम, 2013, स.ं एलएडी-एनआरओ/जीएन/2013-14/24/6573, (cid:22)ारा
(ख) 23 मई, 2014 को भारतीय (cid:13)ितभूित और िविनमय बोड (cid:12) (फ(cid:18)स का संदाय) (सशं ोधन) िविनयम,
2014, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2014-15/03/1089, (cid:22)ारा
संशोिधत !ए थे।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 14thAugust, 2015
SECURITIES AND EXCHANGE BOARD OF INDIA
(Alternative Investment Funds) (Amendment) Regulations, 2015
No. SEBI/ LAD-NRO/ GN/ 2015-16/011.— 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 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 (AlternativeInvestment Funds)
(Amendment) Regulations, 2015.
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, in regulation 15, in
sub-regulation (1), after clause (g), the following shall be inserted, namely:—
“(h) Investment by Category I and Category II Alternative Investment Funds in the shares of entities listed on
institutional trading platform after the commencement of Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) (Fourth Amendment) Regulations, 2015 shall be deemed to be investment in ‘unlisted
securities’ for the purpose of these regulations.”
U. K. SINHA, Chairaman
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Footnote:
1. The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 were published in the
Gazette of India on 21st May, 2012 vide No. LAD-NRO/GN/2012-13/04/11262.
2. The SEBI (Alternative Investment Funds) Regulations, 2012 were subsequently amended on: —
(a) 16th September, 2013 by 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 Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014,
vide No. LAD-NRO/GN/2014-15/03/1089.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.