Change in control of Sponsor and/or Manager of Alternative Investment Fund involving scheme of arrangement under Companies Act, 2013

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..... Alternative Investment Fund involving scheme of arrangement under Companies Act, 2013 1. Regulation 20(13) of SEBI (Alternative Investment Funds) Regulations, 2012 ( AIF Regulations ), inter-alia, requires that in case of change in control of the Sponsor and/or Manager of the Alternative Investment Fund (AIF), prior approval from the Board shall be taken by the AIF. Further, SEBI circular .....

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..... of the applicable regulatory requirements, in-principle approval will be granted by SEBI; iii. The validity of such in-principle approval shall be three months from the date of issuance, within which the relevant application shall be made to NCLT; iv. Within 15 days from the date of order of NCLT, applicant shall submit the following documents to SEBI for final approval: a. Application f .....

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..... 5. This Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 6. This Circular is available on SEBI website at www.sebi.gov.in under the categories Legal Framework - Circulars and Info for .....

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