SEBI streamlines the process of approval for AIFs involving scheme of arrangement
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- Last Updated on 28 March, 2022
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Circular No. SEBI/HO/IMD-1/ DF9/CIR/2022/032, Dated: 23.03.2022
The market regulator SEBI has streamlined the process of providing approval to the proposed change in control of the Sponsor and/or Manager of the Alternative Investment Funds (AIF) involving scheme of arrangement. Now, the application seeking approval for the proposed change in control of the Sponsor and/or Manager of the AIF under Regulations 20(13) of AIF Regulations shall be filed with SEBI prior to filing the application with the NCLT. Upon satisfaction, the SEBI shall grant in-principal approval which would be valid for 3 months from the date of issuance.
The application seeking approval for the proposed change in control of the Sponsor and/or Manager of the AIF under Regulations 20(13) shall have to be made to NCLT within the three months.
The applicant shall submit the following documents to SEBI within 15 days from the date of order of NCLT for the final approval:
(a) Application for the final approval;
(b) Copy of the NCLT Order approving the scheme;
(c) Copy of the approved scheme;
(d) A statement explaining modifications, if any, in the approved scheme vis-à-vis the draft scheme and the reasons for the same; and
(e) Details of compliance with the conditions/ observations mentioned in the in-principal approval provided by SEBI.
The provisions of this Circular shall be applicable to all the applications for change in control of Sponsor and/or Manager of the AIF for which the scheme(s) of arrangement is filed with NCLT on or after April 01, 2022.
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