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Dec 31, 2020

SEBI’s Informal Guidance regarding Certain Provisions of the AIF Regulations

SREI Multiple Asset Investment Trust sought clarification on whether the existing SEBI norms limit ‘qualified buyer’ under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’) only to those AIFs which are body corporates for the purposes of subscribing to security receipts issued by an asset reconstruction company. In response, SEBI on October 26, 2020 stated that as per the existing regulatory framework, Categories II and III AIF established as a ‘trust’ may qualify as ‘qualified buyer’ under the SARFAESI Act and subscribe to security receipts issued by an asset reconstruction company, subject to the conditions mentioned in the Notification dated May 16, 2018 issued by the RBI, the AIF Regulations, SARFAESI Act and other applicable laws.

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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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