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TMI BlogInformation to be filed by schemes of AIFs availing dissolution period/additional liquidation period and conditions for in-specie distribution of assets of AIFsX X X X Extracts X X X X X X X X Extracts X X X X ..... lexibility has been provided to schemes of AIFs to opt for dissolution period to deal with their unliquidated investments that are not sold due to lack of liquidity. 2. Subsequently, SEBI circular no. SEBI/HO/AFD/PoD1/CIR/2024/026 dated April 26, 2024 , inter-alia, specified the modalities for schemes of AIFs entering into dissolution period. 3. In terms of Regulation 29B(2) of SEBI (Alternative Investment Funds) Regulations, 2012 ( AIF Regulations ), scheme of an AIF entering into dissolution period shall file an information memorandum with SEBI through a merchant banker in the manner as may be specified by SEBI. 4. In this regard, the following is specified 4.1. The information memorandum for a scheme of an AIF entering into dissolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, para 23.2 of SEBI Master circular no. SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39 dated May 07, 2024 for AIFs and para 3 of SEBI circular no. SEBI/HO/AFD/PoD1/CIR/2024/026 dated April 26, 2024 specify conditions and modalities for carrying out in specie distribution of unliquidated investments of a scheme of an AIF during liquidation period and for carrying out mandatory in specie distribution of unliquidated investments, respectively. 8. Further, with respect to carrying out in specie distribution of investments of a scheme of an AIF in terms of Regulation 29(8) of AIF Regulations, it is clarified that such in specie distribution (other than the aforesaid mandatory in specie distribution), shall be carried out after obtaining approval of at l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Trustee/Board of Directors/ Designated Partners of the AIF (as per the legal structure of the AIF) 5. Name of the Sponsor 6. Name of the Manager 7. Name of the scheme of AIF availing the dissolution period 8. PAN No. of Scheme (if available) 9. Date of initial closing of the Scheme (in dd/mm/yyyy) 10. Date of final closing of the Scheme (in dd/mm/yyyy) 11. Tenure of the Scheme (in years) 12. Extension of tenure availed, if any (in years) 13. End date of tenure of the Scheme (including extension of tenure availed, if any) (in dd/mm/yyyy) 14. End date of liquidation period of the Scheme (in dd/mm/yyyy) 15. Cumulative investments made by the Scheme during its tenure (at Cost, in INR Crore) 16. Details of unliquidated investments held by schem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de in the information memorandum. 2. The information provided by the AIF to verify compliance with Regulation 29 of AIF Regulations and disclosures made in the information memorandum are true, fair, based on latest available information and in accordance with the requirements of Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, circulars, guidelines issued thereunder and other applicable legal requirements. PLACE: DATE: Signature of authorised signatory of Merchant Banker Name/ designation of the authorised signatory, Name of Merchant Banker Enclosed: Annexure A - Information with respect to compliance with Regulation 29 of AIF Regulations and disclosures in the information memorandum submitted for (na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii. If the scheme of the AIF fails to sell the unliquidated investments during the Dissolution Period, such investments shall be mandatorily distributed in-specie to the investors iv. The manager of the AIF shall not charge management fee during the Dissolution Period v. The scheme of the AIF shall not accept any fresh commitment from any investor and shall not make any new investment during the Dissolution Period. 3. Whether approval of at least seventy five percent of the investors by value of their investment in the scheme of the AIF has been obtained for entering into dissolution period? 4. Whether the AIF/manager intimated SEBI about obtaining investor consent and investors decision to enter dissolution period prior to expiry of liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osing of the Scheme (in dd/mm/yyyy) 10. Date of final closing of the Scheme (in dd/mm/yyyy) 11. Tenure of the Scheme (in years) 12. Extension of tenure availed, if any (in years) 13. End date of tenure of the Scheme (including extension of tenure availed, if any) (in dd/mm/yyyy) 14. End date of liquidation period of the Scheme (in dd/mm/yyyy) 15. Cumulative investments made by the Scheme during its tenure (at Cost, in INR Crore) 16. Details of unliquidated investments held by scheme at the time of entering into dissolution period - Number of investments held - Cumulative (total) amount invested (at cost, in INR Crore) - Total value of investments as per latest valuation (in INR Crore) 17. Whether there are any pending investor complaints wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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