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TMI BlogModalities for migration of Venture Capital Funds registered under erstwhile SEBI (Venture Capital Funds) Regulations, 1996 to SEBI (Alternative Investment Funds) Regulations, 2012X X X X Extracts X X X X X X X X Extracts X X X X ..... at link. 2. In terms of Regulation 19V(1) of AIF Regulations , Migrated Venture Capital Fund means a fund that was previously registered as a Venture Capital Fund under the VCF Regulations and subsequently registered under AIF Regulations as a sub-category of Venture Capital Fund under Category I - Alternative Investment Fund, in accordance with the provisions of Chapter III - D of AIF Regulations . 3. In terms of Regulation 19X(1) of AIF Regulations, an application for seeking registration as a Migrated Venture Capital Fund shall be made to SEBI in the manner specified by SEBI. In this regard, while applying to SEBI for migration to AIF Regulations as Migrated VCFs , VCFs shall submit the following: 3.1. Original certificate of registration issued under VCF Regulations. 3.2. Requisite information as per the format specified in Annexure I. 4. While opting for migration to AIF Regulations, VCFs having only schemes whose liquidation period (in terms of Regulation 24(2) of VCF Regulations ) has not expired, shall be subject to the following conditions - 4.1. The facility of migration to AIF Regulations shall be available till July 19, 2025. 4.2. The tenure of scheme(s) of the Migrate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VCFs, whose liquidation period (in terms of Regulation 24(2) of VCF Regulations ) has not expired, shall be subject to enhanced regulatory reporting as may be prescribed by SEBI in line with the regulatory reporting applicable to AIFs under AIF Regulations. 8.2. VCFs having at least one scheme whose liquidation period (in terms of Regulation 24(2) of VCF Regulations ) has expired shall be subject to appropriate regulatory action for continuing beyond the expiry of their original liquidation period. 9. The flexibility to opt for migration to AIF Regulations shall not be available to VCFs wherein 9.1. All the schemes of the VCF have been wound up; and/or, 9.2. No investment has been made by schemes of the VCF which have not been wound up. Such VCFs shall submit an application to SEBI for surrender of their registration on or before March 31, 2025, failing which appropriate action shall be initiated to cancel the certification of registration. 10. The manager, trustee and key management personnel of the VCF/Migrated VCF and manager shall be responsible for compliance with the provisions of this circular. 11. The trustee/ sponsor, as the case may be, shall ensure that the Compliance Te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n individual or a trustee company 13. Name of the Trustee 14. PAN of Trustee 15. Address of the registered office 16. Contact person of Trustee Name: Direct Line Number: Mobile No.: Email ID: 17. Name, Identity and Address proof of Directors of the Trustee Company 18. Whether the Trustee Company is registered with Board, or any other regulatory authority in any capacity along with the details of its registration Details of sponsor(s) 19. Name of Sponsor 20. PAN of Sponsor 21. Address of the Registered Office Address: Tel No.: Mobile No. : Email ID: 22. Address for Correspondence Address: Tel No.: Mobile No. : Email ID: 23. Address of Principal Place of Business Address: Tel No.: Mobile No. : Email ID: 24. Legal Structure and date of incorporation/ establishment of Sponsor 25. Contact person of Sponsor Name: Mobile Number: Email ID: 26. Name, Identity proof and address proof of directors of the Sponsor or partners of the Sponsor 27. Details of Shareholders / partners of the Sponsor 28. Whether the Sponsor is registered with Board, or any other regulatory authority in any capacity along with the details of its registration Details of Manager 29. Name of Manager 30. PAN of Manager 31. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d has expired, at the time of filing this information. (Enclose a declaration to that effect) 2. Whether the applicant or Sponsor or its directors/ partners or Manager or its Directors/ Partners or Trustees/ Trustee Company or its directors are/ were involved in any litigation connected with the securities market and any order has/ had been passed against them for violation of securities laws. (If yes, provide details. If no, enclose a declaration to that effect) 3. Whether the applicant/ Sponsor/ Trustee/ Manager or its directors or Partners or employees are / have been involved in any litigation connected with the securities market which may have an adverse bearing on the business of the applicant or any order has/ had been passed against them for violation of securities laws. (If yes, provide details. If no, enclose a declaration to that effect). 4. Whether applicant/ Sponsor/ Trustee/ Manager or its directors or Partners has/ have been refused a certificate by the Board or its/ their certificate has been suspended at any time prior to this application. (If yes, provide details. If no, enclose a declaration to that effect). 5. Whether the applicant, Sponsor and Manager are fit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to contribution from Joint investors Para 4.6 of Master Circular for AIFs pertaining to units to manager for profit sharing Para 4.7 of Master Circular for AIFs pertaining to open ended schemes of Category III AIFs Chapter 5 Operational and prudential norms for Category III AIFs Not applicable Chapter 6 Norms for Special Situation Funds (SSF) Not applicable Chapter 7 Guidelines for overseas investments by AIFs and related reporting Applicable Chapter 8 Investment in units of AIFs Not applicable Chapter 9 Participation of AIFs in Credit Default Swaps Not applicable Chapter 10 Transaction in Corporate Bonds through Request for Quote (RFQ) platform by AIFs Applicable Chapter 11 Other prudential and operational norms and related clarifications Applicable - Schemes of AIFs that have adopted priority in distribution among investors (Para 11.2 of Master Circular for AIFs) Clarification related to investments as given at para 11.1.1 and 11.1.2 of the Master Circular for AIFs Not applicable - Calculation of tenure of close-ended schemes of AIFs (Para 11.3 of Master Circular for AIFs) Clarification related to investments as given at para 11.1.3, 11.1.4 and 11.1.5 of the Master Circular fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Chapter 25 Direct plan for schemes of Alternative Investment Funds (AIFs) and trail model for distribution commission in AIFs Not applicable B. Applicability of circulars issued under AIF Regulations in FY24-25 to Migrated VCFs: Date of circular Title Applicability on Migrated VCFs Apr 18, 2024 Standardization of the Private Placement Memorandum (PPM) Audit Report Not applicable Apr 26, 2024 Flexibility to Alternative Investment Funds (AIFs) and their investors to deal with unliquidated investments of their schemes Applicable Apr 26, 2024 Framework for Category I and II Alternative Investment Funds (AIFs) to create encumbrance on their holding of equity of investee companies Not applicable Apr 29, 2024 Relaxation in requirement of intimation of changes in the terms of Private Placement Memorandum of Alternative Investment Funds through Merchant Banker Not applicable May 13, 2024 Certification requirement for key investment team of manager of AIF Not applicable Jul 09, 2024 Information to be filed by schemes of AIFs availing dissolution period/additional liquidation period and conditions for in-specie distribution of assets of AIFs Applicable - Circular - Trade Notice - Public N ..... 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