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TMI BlogConditions for Category I Alternative Investment FundsX X X X Extracts X X X X X X X X Extracts X X X X ..... ional requirements for not more than thirty days, on not more than four occasions in a year and not more than ten percent of the investable funds and subject to such conditions as may be specified by the Board from time to time: Provided that Category I Alternative Investment Funds may create encumbrance on equity of investee company, which is in the business of development, operation or management of projects in any of the infrastructure sub-sectors listed in the Harmonised Master List of Infrastructure issued by the Central Government, only for the purpose of borrowing by such investee company and subject to such conditions as may be specified by the Board from time to time. ] (2) The following investment conditions shall apply to venture capital funds in addition to conditions laid down in sub-regulation (1):- 13[ (a) at least seventy five percent of the investable funds shall be invested in unlisted equity shares or equity linked instruments of a venture capital undertaking or in companies listed or proposed to be listed on a SME exchange or SME segment of an exchange: Provided that the investment conditions specified in clause (a) shall be achieved by the fund by the end of it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e diligence of such companies subject to the following conditions: (i) the fund shall disclose any trading in securities pursuant to such due-diligence, within two trading days of such trading, to the stock exchanges where the investee company is listed; (ii) such investment shall be locked in for a period of one year from the date of investment.] (4) The following conditions shall apply to social 19 [ impact ] funds in addition to the conditions laid down in sub-regulation (1):- 20 [ At least seventy-five percent of the investable funds shall be invested in unlisted securities or partnership interest of social ventures or in units of social ventures or in securities of social enterprises: Provided that an existing social impact fund may invest the remaining investable funds in securities of not for profit organizations registered or listed on a social stock exchange with the prior consent of atleast 75% of the investors by value of their investment; ] (b) such funds may accept grants, provided that such utilization of such grants shall be restricted to clause (a) 6 [:] 7 [Provided that the amount of grant that may be accepted by the fund from any person shall not be less than 21 [ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Fund) (Amendment) Regulations, 2013, w.e.f 16-09-2013 8 Substituted by the SEBI (Alternative Investment Fund) (Amendment) Regulations, 2013, w.e.f 16-09-2013 for the word corpus 9. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/21 dated 05-05-2021 before it was read as, (a) Category I Alternative Investment Fund shall invest in investee companies or venture capital undertaking or in special purpose vehicles or in limited liability partnerships or in units of other Alternative Investment Funds as specified in these regulations; 10. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/21 dated 05-05-2021 before it was read as, (b) Fund of Category I Alternative Investment Funds may invest in units of Category I Alternative Investment Funds of same sub-category: Provided that they shall only invest in such units and shall not invest in units of other Fund of Funds: Provided further that the investment conditions as specified in sub-regulations (2), (3), (4) or (5) shall not be applicable to investments by such funds. 11. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/41 dated 13-08-2021 before it was read as or 12. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/41 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... listed on SME Exchange or SME segment of an exchange pursuant to due diligence of such companies subject to the following conditions: (i) the fund shall disclose any acquisition or dealing in securities pursuant to such due-diligence, within two working days of such acquisition or dealing, to the stock exchanges where the investee company is listed; (ii) such investment shall be locked in for a period of one year from the date of investment.: 17. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/41 dated 13-08-2021 before it was read as: Chapter XB of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 18. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/41 dated 13-08-2021 before it was read as: (c) such funds shall be exempt from regulation 3 and 3A of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 in respect of investment in companies listed on SME Exchange or SME segment of an exchange pursuant to due diligence of such companies subject to the following conditions: (i) the fund shall disclose any acquisition or dealing in securities pursuant to such due-diligence, with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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