THE GAZETTE OF INDIA
EXTRAORDINARY
PART – III – SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, JANUARY 04, 2017
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 4th January, 2017

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE
INVESTMENT FUNDS) (AMENDMENT) REGULATIONS, 2016

No. SEBI/LAD/NRO/GN/2016-17/026.– In exercise of the powers conferred by sub­section (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-sections (1) and (1 B) 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) (Amendment) Regulations, 2016.

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 (4) of regulation 19E, for the words “forty nine”, the words “two hundred” shall be substituted.

(ii) In Regulation 19F,-

(a) In sub-regulation (1), the word “only” shall be deleted.

(b) In clause (a) of sub-regulation (1), the words “have been incorporated during the preceding three years from the date of such investment” shall be substituted by the words “complies with the criteria regarding the age of the venture capital undertaking/startup issued by the Department of Industrial Policy and Promotion under the Ministry of Commerce and Industry, Government of India vide notification no. G.S.R. 180(E) dated February 17, 2016 or such other policy made in this regard which may be in force;”.

(c) In sub-regulation (2), for the words “fifty”, the words “twenty five” shall be substituted.

(d) In sub-regulation (3), for the words “three years”, the words “one year” shall be substituted.

(e) After sub-regulation (5), the following sub-regulation (6) shall be inserted, namely:-

“(6) An angel fund may also invest in the securities of companies incorporated outside India subject to such conditions or guidelines that may be stipulated or issued by the Reserve Bank of India and the Board from time to time.”

Sd/-
U. K. SINHA
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA

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-N RO/GN/2012-13/04/11262.

2. The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 were amended on 16th September, 2013 by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013 vide No. LAD-N RO/GN/201 3-14/24/6573.

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