THE GAZETTE OF INDIA

EXTRAORDINARY

PART – III – SECTION 4

PUBLISHED BY AUTHORITY

NEW DELHI, SEPTEMBER 16, 2013

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 16th September, 2013

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) (AMENDMENT) REGULATIONS, 2013

No. LAD-NRO/GN/2013-14/24/6573.- 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 (Alternative Investment Funds) (Amendment) Regulations, 2013.

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 regulation 2, in sub-regulation (1), in clause (z), after the words “a new business model”, the words and symbols “and shall include an angel fund as defined under Chapter III-A” shall be inserted.

II. In regulation 3, in sub-regulation (1), after the third proviso, the following proviso shall be inserted, namely,-

“Provided further that such existing funds, which do not propose to accept any fresh commitments after commencement of these regulations shall not be required to obtain registration under these regulations subject to submission of information on their activities to the Board in the manner as may be specified.”

III. in regulation 6, after sub-regulation (3), the following sub-regulations shall be inserted, namely,-

“(4) The Board may, on being satisfied that the applicant complies with the provisions of regulation 4 except those of clause (c) or clause (d) thereof, as the case may be, grant an in-principle approval to the applicant:

Provided that the applicant shall comply with clause (c) or clause (d) of regulation 4, as the case may be, within six months from the date of grant of in-principle approval and upon compliance with the same, the Board may grant a certificate of registration under sub-regulation (2).

(5) An Alternative Investment Fund that has been granted in-principle approval may accept commitments from investors but shall not accept any monies till it is granted registration under sub-regulation (2) of this regulation.”

IV. in regulation 10,

(i) in clause (f), for the symbol “;” the symbol “:” shall be substituted;

(ii) after clause (f), the following proviso shall be inserted, namely,-

“Provided that the provisions of the Companies Act, 1956 shall apply to the Alternative Investment Fund, if it is formed as a company.”

V. in regulations 15, the word “corpus”, wherever appearing, shall be substituted by the words “investible funds”;

VI. in regulation 16,

(i) the word “corpus”, wherever appearing, shall be substituted by the words “investible funds”;

in sub-regulation (4), clause (b), for the symbol “.” the symbol “:” shall be substituted;

(ii) in sub-regulation (4), after clause (b), the following provisos shall be inserted, namely,-

“Provided that the amount of grant that may be accepted by the fund from any person shall not be less than twenty-five lakh rupees:

Provided further that no profits or gains shall accrue to the provider of such grants.”

VII. in regulations 17, the word “corpus”, wherever appearing, shall be substituted by the words “investible funds”;

VIII.in regulation 18, in clause (b), the words and symbol “Fund of Category II” shall be substituted by the words and symbol “Fund of Category III”.

After chapter III, the following chapter III-A shall be inserted,

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