Reserve Bank of India (“RBI”), vide its notification dated July 29, 2025, has issued the RBI (Investment in Alternative Investment Funds) Directions, 2025 (“AIF Directions”) by repealing its erstwhile circulars on Investments in Alternative Investment Funds (“AIFs”) dated December 19, 2023 and March 27, 2024, respectively (collectively referred to as the “AIF Circulars”). The AIF […]
Securities and Exchange Board of India (“SEBI”), vide its notification dated May 10, 2024, had notified that at least one key personnel, amongst the associated persons functioning in the key investment team of the investment manager of an Alternative Investment Fund (“AIF”), had to obtain certification from the National Institute of Securities Market (“NISM”) by […]
Securities and Exchange Board of India (“SEBI”), vide its circular dated August 19, 2024 (“VCF Migration Circular”), provided, inter alia, for modalities for migration under which Venture Capital Funds (“VCFs”) have been allowed to migrate to the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). Paragraph 5 of the VCF Migration Circular contained provisions for […]
Securities and Exchange Board of India (“SEBI”), vide its circular dated August 20, 2024, had issued the Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (“SEBI Circular on CSCRF”) which provides standards and guidelines for strengthening cyber resilience to strengthen the cybersecurity measures in Indian securities market, and to ensure adequate cyber resiliency […]
Securities and Exchange Board of India (“SEBI”), vide its notification dated May 21, 2025, has notified the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2025, thereby amending the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). Regulation 17(a) of the AIF Regulations has been substituted to clarify that Category II AIFs shall now invest in investee […]
In terms of Regulation 4(g)(i) of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), the key investment team of the manager of an Alternative Investment Fund (“AIF”) is required to have at least 1 key personnel who shall obtain certification from the National Institute of Securities Market by passing […]
