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TMI BlogFiling of Term Sheet by Angel FundsX X X X Extracts X X X X X X X X Extracts X X X X ..... g certain regulatory provisions regarding the Angel Fund including Regulation 19(E) which deals with filling of scheme details with SEBI. 2. Pursuant to the aforesaid amendment of AIF regulations, it is specified that: 2.1 angel funds may now launch schemes subject to filing of a Term Sheet in the format as specified in Annexure II; 2.2 such Term Sheet shall contain material information regarding the scheme; and 2.3 such Term Sheet shall be filed with the Board within ten days of launching the scheme. 3. This circular is issued in exercise of powers conferred by sub-section (1) of section 11 and section 11A of the Securities and Exchange Board of India Act, 1992 read with the provisions of the AIF regulations, to protect th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication 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),- (a) in clause (b) 1. in proviso, in clause (i), the words Companies Act, 1956 shall be substituted with the words Companies Act, 2013 . 2. in proviso, the existing clause (ii) shall substituted with the following clause, namely, (ii) ESOP Trusts set up under Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 or as permitted under Companies Act 2013; 3. in proviso, the existing clause (iv) be substituted with the following clause, namely,- (iv) 'holding companies' as defined under sub-sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a term Sheet with the Board, containing material information regarding the scheme, in the format and time period as may specified by SEBI. (b) sub-regulation (2) and (3) shall be omitted. (c) existing sub-regulation (4) shall re-numbered as sub-regulation (2) (d) in sub-regulation (2), the following proviso shall be inserted namely, Provided that provisions of the Companies Act, 2013 shall apply to the Angel Fund, if it is formed as a company (ix) in regulation 19F, in sub-regulation the words five crores shall be substituted with the words hen crores . (x) in regulation 29, in sub-regulation (3), the words Companies Act, 1956 (1 of 1956) shall be substituted with the words Companies Act. 2013 . Sd/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Name of the Angel Fund SEBI Registration No. Name of Scheme Name of investee company Investee Company profile and Product details/ services offered by the investee company Business/industry details of the Investee company Present Investment size/Amount of the offering Investment highlights Total Capital Commitment by investors Capital drawn by the fund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... private placement by issue of information memorandum or placement memorandum Details of compliance of Regulation 19(F) (1) Investment by an angel fund in any venture capital undertaking shall not be less than twenty five lakh rupees and shall not exceed ten crore rupees Details of compliance of Regulation 19(F) (3) Details of investment made in associates (as % of total investments), if any. Also provide reasons for such investments. Whether investments of the Angel fund is more than twenty -five percent of the total investments under all its ..... X X X X Extracts X X X X X X X X Extracts X X X X
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