In tandem, Part 1 of amendment of SEBI (ICDR) (Third Amendment) Regulations, 2022, and Part 2 of amendment of SEBI (LODR) FIFTH Amendment Regulations, 2022, SEBI in his action matrix with related to Regulatory Framework of Social Stock Exchange(Social Audit) vide notification dated 25th July, 2022, made following amendments in SEBI (AIF) (Third Amendment) Regulations, 2022.
[SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS)] (THIRD AMENDMENT) REGULATIONS, 2022
SOCIAL VENTURE FUNDS now called as a SOCIAL IMPACT FUNDS (SIF).
“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;
“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;”
“Social impact fund or schemes of a social impact fund may also issue social units;”
“Each scheme of the social impact fund shall have a corpus of at least five crore rupees;”
| Particulars | Earlier Provisions | Amended Provisions |
| Minimum Corpus of SIFs | 25 Crores | 5 Crores |
| Minimum value of investment in SIFs by an individual investor | Director/Employees- 25 Lakhs.
Others – 1 Crore. |
2 Lakhs |
“At least seventy-five percent of the investable funds shall be invested in the Securities of Social Enterprise”
“A social impact fund or schemes of a social impact fund shall be permitted to deploy or invest hundred percent of the investable funds in the securities of NPO (registered or listed on a social stock exchange).
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