MANU/SREG/0044/2013

Ministry : Securities and Exchange Board of India

Department/Board : Legal Affairs Department

Notification No. : LAD-NRO/GN/2013-14/24/6573

Date of Notification : 16.09.2013

Date of Publication : 16.09.2013

Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013

No. LAD-NRO/GN/2013-14/24/6573.--In exercise of the powers conferred by sub-section (1) of section 30 read with sub-section (1) of section 11, clause (ba) and clause (c) of sub-section (2) of section 11 and sub-section (1) and (1B) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, namely,-

1. These regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2013.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, -

I. in regulation 2, in sub-regulation (1), in clause (z), after the words "a new business model", the words and symbols "and shall include an angel fund as defined under Chapter III-A" shall be inserted.

II. In regulation 3, in sub-regulation (1), after the third proviso, the following proviso shall be inserted, namely, 

"Provided further that such existing funds, which do not propose to accept any fresh commitments after commencement of these regulations shall not be required to obtain registration under these regulations subject to submission of information on their activities to the Board in the manner as may be specified."

III. in regulation 6, after sub-regulation (3), the following sub-regulations shall be inserted, namely,-

"(4) The Board........