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Mar 31, 2019

SEBI Informal Guidance in the Matter of JM Financial Limited

SEBI has, in its informal guidance to JM Financial Limited, stated that the objective of Regulation 15(1)(f) of SEBI (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations’) is to further the interests of investors with respect to the un-invested portion of investable funds, till deployment of these funds in accordance with the investment objective of the AIF. Accordingly, applying the same rationale, SEBI has clarified that investment proceeds from sale/transfer of investments or returns earned from the investments can be invested in temporary investment instruments specified in Regulation 15(1)(f) of the AIF Regulations pending distribution of investment proceeds to the investors, provided that details of such transactions are disclosed to the investors and the diversification requirements under Regulation 15(1)(c) of the AIF Regulations would be applicable to such investments as well.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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