Amendments made to the Securities Contracts (Regulation) Act, 1956 in 2023 recognized contracts in derivatives, issued by foreign portfolio investors (FPIs) in the International Financial Services Centre (IFSC) under the regulatory oversight of the International Financial Services Centres Authority (IFSCA) as legally tenable. The IFSCA vide its circular dated May 2, 2024 has allowed…
Securities and Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 (FPI Regulations) allowing Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Resident Individuals (RIs) to contribute up to 100% (hundred percent) of the corpus of foreign portfolio investors (FPIs) set up in International…
With the objective of streamlining compliance costs for Alternative Investment Funds (AIFs) and in response to the feedback received from the market participants, Securities and Exchange Board of India (SEBI) has relaxed its requirement regarding notification of changes to the terms set forth in Private Placement Memorandums (PPMs) through merchant bankers. Key highlights: …
Regulation 4 of the Securities Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) prescribes the eligibility criteria for obtaining certificate of registration for Alternative Investment Funds (AIFs). Earlier, AIF manager’s investment team was required to have at least 1 (one) key personnel with (i) an experience of at least 5 (five) years’…
In an attempt to enhance ease of doing business for the fund management ecosystem within the Gujarat International Fin-Tech City IFSC (GIFT City IFSC), the International Financial Services Centres Authority (IFSCA) simplified norms for launching restricted (non-retail) funds and schemes under the IFSCA (Fund Management) Regulations, 2022 (FME Regulations) on April 5, 2024. Key…
Regulation 7(5) of the Securities Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 (FPI Regulations) mandates that Foreign Portfolio Investors (FPIs) are required to have a valid registration certificate for FPIs to hold Indian securities or derivatives. However, on June 3, 2024, the Securities and Exchange Board of India (SEBI) notified the SEBI (Foreign…
In order to enhance transparency and investor protection in the Infrastructure Investment Trusts (InvITs) space, the Securities and Exchange Board of India (SEBI) notified the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024 (Amendment Regulations) on May 27, 2024. The Amendment Regulations introduce several key changes including inter-alia introducing the…
The Securities and Exchange Board of India (SEBI) on April 25, 2024 vide the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2024 (Amendment Regulations) introduced significant reforms to the regulatory framework governing Alternative Investment Funds (AIFs). Prior to enactment of the Amendment Regulations, investments held by an AIF which remain unliquidated at the expiry…
Introduction In the matter of Indian Medical Association and Ors. vs. Union of India and Ors., the Hon’ble Supreme Court of India (Supreme Court/SC), under Justices Hima Kohli and Ahsanuddin Amanullah, mandated that all advertisers and advertising agencies must submit a ‘self-declaration certificate’ (SDC) on a dedicated portal set up by the Ministry of…
The Hon’ble High Court of Delhi (Delhi HC/Court) in Directorate of Enforcement v. Akhilesh Singh & ors has reaffirmed that properties and bank accounts cannot be attached under the Prevention of Money Laundering Act, 2002 (PMLA) once the accused has been acquitted in the predicate offence. In the present matter, the Directorate of Enforcement…