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JC - Legal Updates - SEBI approves amendments to SEBI AIF Regulations

Legal Updates

23 Nov 2016

SEBI approves amendments to SEBI AIF Regulations

Securities Exchange Board of India (“SEBI”) in its Board Meeting on 23rd November 2016 has approved the following amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 with respect to ‘Angel Funds’. Broadly the proposed amendments are as follows:

  1. The upper limit for number of angel investors in a scheme is increased from 49 to 200.
  2. The definition of start-up for Angel Funds investments will be similar to the DIPP definition as given in the DIPP start-up policy. Accordingly, Angel Funds will be allowed to invest in start-ups incorporated within five years.
  3. The requirements of minimum investment amount by an Angel Fund in any venture capital undertaking is reduced from 50 lakhs to 25 lakhs.
  4. The lock-in requirements of investment made by Angel Funds in the venture capital undertaking is reduced from 3 years to 1 year.
  5. Angel Funds are allowed to invest in overseas venture capital undertakings upto 25% of their investible corpus in line with other AIFs.
The above proposed amendments will come into effect upon necessary amendments in the SEBI (Alternative Investment Funds) Regulations, 2012.

Click here to access the SEBI press release http://www.sebi.gov.in/cms/sebi_data/pdffiles/35234_t.pdf