Regulation 12 - Schemes - Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012

Schemes. 12. (1) The Alternative Investment Fund may launch schemes subject to filing of placement memorandum with the Board. (2) Such placement memorandum shall be filed with the Board 3 [ through a merchant banker, ] atleast thirty days prior to launch of scheme along with the fees as specified in the Second Schedule: Provided that payment of scheme fees shall not apply in case of launch of first scheme by the Alternative Investment Fund. 4 [ (3) The Board may communicate its comments, if any, to the merchant banker prior to launch of the scheme and the merchant banker shall ensure that the comments are incorporated in the placement memorandum prior to launch of the scheme 5 [ : ]] 6 [ Provided that the requirements under sub-regulation (2) and (3) shall not apply to large value fund for accredited investors. ] 7 [ (4) The first close of the scheme shall be declared by an Alternative Investment Fund in the manner as may be specified by the Board from time to time. (5) Notwithstanding the proviso to sub-regulation (2), if the Alternative Investment Fund fails to declare the first close of the scheme in the specified manner, it shall be required to file a fresh application for launch of the scheme by paying the requisite scheme fee under the Second Schedule. ] ************ NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/33 dated 03-08-2021 before it was read as . 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/33 dated 03-08-2021 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/41 dated 13-08-2021 w.e.f. 13-11-2021 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/41 dated 13-08-2021 w.e.f. 13-11-2021 before it was read as, (3) The Board may communicate its comments, if any, to the applicant prior to launch of the scheme and the applicant shall incorporate the comments in placement memorandum prior to launch of scheme. 1 [ : ] 2 [ Provided that the requirements under sub-regulation (2) and (3) shall not apply to large value fund for accredited investors. ] 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/68 dated 24-01-2022 before it was read as . 6. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/68 dated 24-01-2022 7. Inserted vide Notification No SEBI/LAD-NRO/GN/2022/105 dated 15-11-2022