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TMI BlogGuidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/managerX X X X Extracts X X X X X X X X Extracts X X X X ..... on of First Close of schemes of AIFs: In terms of Regulation 12(4) of AIF Regulations, the first close of the scheme shall be declared by an AIF in the manner as may be specified by SEBI from time to time. In this regard, the following is specified: 2.1. The First Close of a scheme shall be declared not later than 12 months from the date of SEBI communication for taking the PPM of the scheme on record. 2.2. In case of open ended schemes of Category III AIFs, the First Close shall refer to the close of their Initial Offer Period. 2.3. Corpus of the scheme at the time of declaring its First Close shall not be less than the minimum corpus prescribed in AIF Regulations for the respective category/sub-category of the AIF. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h of the said scheme as per applicable provisions of AIF Regulations by paying requisite fee to SEBI. 3. Calculation of tenure of close-ended schemes of AIFs: In terms of Regulation 13(4) of AIF Regulations, the manner of calculating the tenure of a close ended scheme of an AIF, including the manner of modification of the tenure, may be specified by SEBI from time to time. In this regard, the following is specified: 3.1. The tenure of close ended schemes of AIFs shall be calculated from the date of declaration of the First Close. 3.2. AIF may modify the tenure of a scheme at any time before declaration of its First Close. Prior to declaration of the First Close, the investor may withdraw or reduce commitment provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .3. The aforesaid fee shall not be levied in the following cases for change in sponsor or change in control of sponsor: i) The manager is acquiring control in or replacing the sponsor and ii) Exit of sponsor(s) in case of AIF having multiple sponsors. 4.4. The aforesaid fee shall be paid within 15 days of effecting the proposed change in manager/sponsor or change in control of manager/sponsor. 4.5. In case of the applications pending with SEBI as on the date of this circular, for change in control of manager/sponsor or change in manager/sponsor, the requirement of fee shall be applicable only in those applications where none of the schemes of AIFs managed/sponsored by manager/sponsor have declared their First Close. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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