Clarification
and extension of deadline with respect to circular on Guidelines on
disclosures, reporting and clarifications under AIF Regulations
Circular, CIR/IMD/DF/16/2014, dated July 18, 2014
All
Alternative Investment Funds ("AIFs") registered with SEBI
SEBI
had issued a circular No. CIR/IMD/DF/14/2014 dated June 19, 2014 on 'Guidelines
on disclosures, reporting and clarifications under AIF Regulations'. In this
regard, it is clarified as under:
1. The deadline for sending of
annexure to the placement memorandum to the investors under clause 2(a)(iii) is
extended till August 31, 2014.
2. With respect to disclosure of
disciplinary history under clause 2(a)(ii), the same shall be applicable for
the last 5 years and where monetary penalty is involved, in cases where such
penalty is greater than Rs. 5 lakhs. With respect to disputed tax liabilities,
the same shall not apply to liabilities in personal capacity of an individual.
Contingent liabilities shall be as disclosed in books of accounts of the
entity.
3. With respect to clause
2(b)(iii), the changes shall include modifications in terms or documents of the
fund/scheme and the same may be intimated to investors and SEBI once every six
months on a consolidated basis. With respect to clause 2(b)(iv), 'material'
changes may be construed as changes in the fundamental attributes of the
fund/scheme and the process for exit under the clause shall not apply in cases
where the AIF has approval of not less than 75% of unit holders by value of
their investment in the AIF with respect to sub-clauses (a) and (b).
4. With respect to clause 3(d),
joint investors shall mean where each of the investor contributes towards the
AIF. With respect to clause 3(g), such investee company shall hold or propose
to hold not less than one project, directly or indirectly.
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