Relaxation in compliance with requirements pertaining to AIFs and VCFs

-
A need was felt to extend the due date for regulatory filings for Alternate Investment Funds (“AIFs”) and Venture Capital Funds (“VCFs”), as a result of the recent market events due to the COVID-19 pandemic. Therefore, the Securities Exchange Board of India (“SEBI”) on 30 March 2020, vide circular No. SEBI/HO/IMD/DF1/CIR/P/2020/58, issued a relaxation in complying with the requirements pertaining to AIFs and VCF.

Accordingly, the due date for regulatory filings for AIFs and VCFs for the periods ending 31 March 2020 and 30 April 2020 has been extended by 2 months, over and above the timelines prescribed under SEBI (Alternative Investment Funds) Regulations, 2012 and circulars issued thereunder.

Popular Posts

Karnataka Lockdown Extension Order

-
Pursuant to the updated order issued by the Ministry of Home Affairs, Government of India dated May 17, 2020 bearing No. 40-3/2020-DM-I(A) (“ Order ”) with the new guidelines on the measures to be taken by Ministries / Department of Government of India / states and state authorities for containing the spread of COVID-19, the Karnataka state government has issued updated guidelines on the measures to be taken for containing the spread of COVID-19 which will come into effect immediately and be valid till May 31, 2020 (“ Karnataka Order ”). The Karnataka Order can be accessed here . Below is a brief overview of the Karnataka Order, in addition to those set out by the Order: 1.           Permitted Activities ·           In all zones areas except containment zones, taxis/autorickshaws (with a maximum of 2 (two) passengers excluding the driver), maxi cabs and aggregators will be permitted to ply with restrict...
Read more

India under Lockdown – Center invokes Disaster Management Act to contain COVID-19. What happens to State orders?

-
The Indian Prime Minister, Mr. Narendra Modi, while addressing the nation on March 24, 2020, announced a nationwide lockdown for 21 days to contain the spread of COVID-19. Shortly thereafter, the National Disaster Management Authority (“ NDMA ”) issued an order dated March 24, 2020 under the Disaster Management Act, 2005 (“ DM Act ”) noting that it was satisfied that the country is threatened by the spread of COVID-19, and that there is an urgent need to bring about consistency in the application and implementation of various measures across the country while ensuring maintenance of essential services and supplies (“ NDMA Order ”). To this end, the NDMA directed that necessary guidelines be issued immediately. Pursuant to the NDMA Order, and in exercise of the powers conferred under Section 10(2)(l) of the DM Act, 2005, the Ministry of Home Affairs, through the National Executive Committee under the DM Act, issued an order dated March 24, 2020 (“ Lockdown Order ”) for the pr...
Read more

SEBI relaxes compliance requirement pertaining to Mutual Funds, REITs and InvITs

-
SEBI, vide its circular dated 23 March 2020 ( SEBI/HO/IMD/DF3/CIR/P/2020/47) has provided for the following relaxations in compliance requirement with respect to mutual funds. A.    Relaxations specified in SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder : 1.    All schemes (NFO) which are yet to be launched but where observation letter was issued by SEBI shall remain valid for a period of 1 year from the date of such SEBI letter. 2.     All new schemes (NFO) where final observation letter is yet to be issued shall remain valid for a period of 1 year from the date of the SEBI letter. 3.     Timelines for disclosures have also been relaxed, as follows: Particulars of disclosure/ Regulation/ Circular Frequency Original Due Date Extended Date Half yearly disclosures of unaudited financial results as required under Regulation 59 of SEBI (Mutual ...
Read more