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The Securities Exchange Board of India (SEBI) has released the SEBI (Alternative Investment Funds) (Amendment) Regulation, 2023 vide Notification No. SEBI/LAD-NRO/GN/2023/132 dated 15th June 2023. The SEBI (Alternative Investment Funds) (Amendment) Regulations, 2023 (Amendment Regulation, 2023) has introduced significant changes such as the introduction of a new category of Alternative Investment Fund (AIF), liquidation scheme, the compulsory appointment of a compliance officer, and the requirement to issue units in a dematerialized form. Let’s analyze these amendments in detail for better understanding.
A liquidation scheme as inserted by the Amendment Regulation, 2023 means a close-ended scheme launched by an AIF to liquidate the unliquidated investments purchased from its scheme, whose tenure has expired. As per the existing norms, in the absence of consent of unit holders, the AIF was required to fully liquidate within 1 year after the expiration of the fund tenure or extended tenure. Now as per the Amendment Regulation, 2023, the liquidation would take place as per Regulation 29.
The Amendment Regulations, 2023 have brought major changes to the SEBI (AIF) Regulations, 2012. It offers greater flexibility to deal with investments that remain unsold due to a lack of liquidity during the liquidation or winding-up process. These amendments in regulations are made to make them efficient enough to meet market conditions and remove absurdities. Further, the amendment in CDMDF will boost the confidence of the corporate bond market and encourage investor participation in the market.
Read Our Article: Foreign Portfolio Investors can Invest in Alternate Investment Funds
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