CCI penalises investment manager of Goldman Sachs AIF for failing to notify Biocon deal, ET LegalWorld
The Competition Commission has imposed a penalty of Rs 40 lakh on the investment manager of Goldman Sachs AIF for failing to notify the regulator about the more than four-year-old deal that gives the option to buy up to 3.81 per cent stake in Biocon Biologics. The penalty was levied on Goldman Sachs (India) Alternative […]
Sebi disposes of show cause notice to Karvy Capital, officials in AIF rule violation case, ET LegalWorld
Capital markets regulator Sebi has disposed of a show cause notice issued to Karvy Capital Ltd and its key management personnel after finding no violations of alternative investment funds (AIF) rules. The order came after the Securities and Exchange Board of India (Sebi) examined the matter of Karvy Capital Alternative Investment Trust, and KCAP Alternative […]
Three entities pay Rs 28.5 lakh to settle AIF rule violation case with Sebi, ET LegalWorld
Three entities have settled with capital market regulator Sebi a case pertaining to the alleged violation of AlF norms and other regulatory rules after paying Rs 28.5 lakh towards the settlement charges. The settlement fee was paid by the applicants (Utthishta Virat Fund, Utthishta Management Advisors LLP, and P Rama Krishna) jointly and severally. The […]
Rs 1 lakh cr of AIF investments structured to circumvent financial regulations: Sebi’s Narayan, ET LegalWorld
About a fifth of all investments by AIFs has been structured to circumvent existing financial regulations like the ones on non-performing assets classification, Sebi’s whole-time member Ananth Narayan G said on Tuesday. In a consultation paper floated in January, Sebi had pegged the circumvention by the industry at Rs 30,000 crore. The year also saw […]
Sebi introduces flexibility in pro-rata rights for AIF investors, ET LegalWorld
To enhance flexibility, markets regulator Sebi on Friday introduced exemptions to the requirement of maintaining pro-rata rights in investments and distribution of proceeds under the alternative investment funds (AIF) rules. Under this, pro-rata rights will not apply to cases where investors are excused or excluded from specific investments; fail to meet their contribution obligations, or […]
Sebi amends AIF rules; investors to have pro-rata rights in investments, proceeds distribution, ET LegalWorld
Markets regulator Sebi has amended Alternative Investment Funds (AIF) rules directing them to grant investors’ rights in investment and distribution of proceeds in proportion to their commitments in a scheme. In simple words, risks as well as rewards from investments made by an AIF scheme need to be shared in proportion to investors’ contributions to […]