Latest news with #AlternativeInvestmentFund
Time of India
5 days ago
- Business
- Time of India
Delay costs Rs 14.62 lakh: Omnivore settles Sebi case over fund closure; regulator drops enforcement move
Omnivore India Capital Trust and its advisor paid a settlement fee after missing the winding-up deadline by eight months, Sebi order showed. Omnivore India Capital Trust and Omnivore Capital Management Advisors have settled a regulatory case with Sebi by paying Rs 14.62 lakh over delays in winding up a venture capital fund, according to a settlement order passed on Wednesday, PTI reported. The matter pertains to a breach of Venture Capital Fund norms and Alternative Investment Fund rules, following an eight-month delay in liquidating the fund's investments after its maximum permitted tenure expired. Sebi noted that the fund's final close was on January 16, 2014, and its maximum allowed duration — after two extensions — ended on January 16, 2024. Regulations required the fund to complete its winding-up process within three months, by April 15, 2024. However, the actual winding-up happened on December 3, 2024, which Sebi said violated regulatory timelines. The fund had notified Sebi and its investors of its intention to wind up on January 16, 2024. The entities filed a settlement application proposing to resolve the issue without admitting guilt. Upon payment of Rs 14.62 lakh, Sebi stated it would not initiate any enforcement action on the matter. The details were released by the regulator through a settlement order. The fund was originally registered with Sebi on June 1, 2011, and marked its initial and final close in April 2012 and January 2014, respectively. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
30-05-2025
- Business
- Business Standard
IVCA urges legacy VCFs to act fast on Sebi's one-time migration window
India's top private capital industry body is calling on legacy venture capital funds (VCFs) to act swiftly on a key regulatory deadline, warning that delays could disrupt compliance and fund governance. The Indian Venture and Alternate Capital Association (IVCA) on Friday urged VCFs registered under the now-defunct SEBI (Venture Capital Funds) Regulations, 1996, to migrate to the Alternative Investment Fund (AIF) regime by 19 July 2025. The migration is part of a framework unveiled by the Securities and Exchange Board of India (SEBI) in August 2024. 'This is a critical regulatory window for legacy VCFs to realign with the current AIF framework,' said Rajat Tandon, President, IVCA. 'The migration framework introduced by SEBI not only offers operational clarity but also provides a structured path for managing residual assets and ensuring regulatory compliance.' Under the new framework, qualifying VCFs, including those with unliquidated investments or expired schemes not yet wound up, have been granted a one-time window to transition into a new sub-category called Migrated Venture Capital Funds (MVCFs). The framework includes incentives such as fee waivers, a simplified re-registration process, and tailored compliance requirements. 'Despite regulatory clarity and incentives provided under this framework, the response to the said scheme is understood to be tepid. This low uptake is a cause for concern,' said IVCA. The industry body has called on all legacy VCFs, particularly those still holding residual assets, to promptly assess their eligibility and submit applications to the regulator for migration under the new framework before the given deadline. It also advised funds that have completed winding up or have not made any investments to formally surrender their registrations. The migration effort is part of SEBI's broader agenda to streamline fund structures and enhance investor protection, as India positions itself as a global fund management hub.
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Business Standard
30-05-2025
- Business
- Business Standard
IVCA asks VCFs to act on Sebi circular, migrate to AIF regime by July 19
The Indian Venture and Alternate Capital Association (IVCA) has asked all Venture Capital Funds (VCFs) operating under the repealed Sebi (Venture Capital Funds) Regulations, 1996, to take note of migration rules introduced via Sebi's circular dated August 19, 2024. According the Sebi directive, VCFs with schemes whose liquidation period has not expired and VCFs with at least one scheme whose liquidation period has expired, but not wound up and continues to hold unliquidated investments, now have the option to migrate into the Alternative Investment Fund (AIF) regime under a newly introduced sub-category: Migrated Venture Capital Funds (MVCFs). The deadline for submitting applications for this is July 19, 2025. Rajat Tandon, president of IVCA, said, 'This is a critical regulatory window for legacy VCFs to realign with the current AIF framework. The migration framework introduced by Sebi not only offers operational clarity but also provides a structured path for managing residual assets and ensuring regulatory compliance. We urge all concerned VCFs to evaluate this option without delay. IVCA will continue to be the bridge between our members and Sebi, ensuring all necessary support is available throughout the migration process.' Despite the regulatory clarity and incentives provided under this framework, including a simplified re-registration process, fee waivers, and tailored compliance requirements, the response to the said scheme has been tepid, which is a cause for concern. IVCA has urged all legacy VCFs, especially those who are holding residual assets, to immediately evaluate their eligibility and apply to Sebi for migration before the due date. VCFs requiring support or clarification may reach out to IVCA or directly contact Sebi at the earliest. Those VCFs who have wound up all schemes or schemes where no investment has been made are further urged to surrender their registration to Sebi. This transition is aimed at creating a more consistent and robust framework for fund governance, investor protection, and asset resolution. IVCA remains committed to supporting its members and the broader ecosystem during this important phase.
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Business Standard
13-05-2025
- Business
- Business Standard
Sebi extends deadline of AIF managers' certification requirement to July 31
Markets regulator Sebi on Tuesday extended the deadline to July 31 for the certification requirement for Alternative Investment Fund (AIF) managers. Under the rules, the key investment team of an AIF manager is required to have at least one member certified as specified by Sebi. From May 10, 2024, the required certification is the NISM Series-XIX-C: AIF managers certification examination. Earlier, Sebi allowed existing AIF schemes as of May 13, 2024, and schemes pending approval (as of May 10, 2024) until May 9, 2025, to obtain this certification. "Based on representation received from the AIF industry, and with the objective of providing ease of compliance to the AIF industry, it has been decided to extend the said timeline from May 9, 2025, to July 31, 2025, to obtain the requisite NISM certification," according to a Sebi circular. This extension is effective immediately, it added.
Time of India
22-04-2025
- Business
- Time of India
ETMarkets AIF Talk: With Rs 10,000 cr in AUM, Carnelian sees tariff volatility as investment opportunity, sees Manoj Bahety
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Despite the global concerns surrounding tariff volatility , seasoned fund manager Manoj Bahety , Founder of Carnelian Asset Management and Advisors, remains optimistic about India's economic on how his Alternative Investment Fund (AIF) is navigating market volatility, Bahety highlights that India's structural growth story remains firmly believes the recent tariff tensions between the US and other economies, including India, may not be as disruptive as feared. 'India's exports to the US account for just about 2% of its GDP. Moreover, the tariff rates imposed on Indian goods are significantly lower than those on competitor nations. As such, we see the current tariff situation as net positive for India,' he India's macroeconomic fundamentals strong and liquidity conditions supportive, Bahety emphasized that Carnelian is continuing to focus on structural growth stories . 'We are overweight on BFSI, pharma, CDMO, and industrials — sectors where the impact of tariffs is minimal. While IT could face some headwinds if US growth slows, we don't see this as a long-term concern,' he than retreating in the face of volatility, Carnelian Asset Management — which oversees an AUM of Rs 10,000 crore — views the current scenario as an opportunity to deploy capital more efficiently.'We are treating this volatility as a chance to invest in long-term structural opportunities. Many of these companies are relatively unaffected by the tariffs, and post the recent corrections, their valuations have become more attractive,' Bahety whether any adjustments were made in April to safeguard capital, Bahety clarified that no major rejig was necessary. 'We conducted a detailed analysis of our portfolios to gauge the exposure to US manufacturing. The weightage of such companies is limited — between 8-12% — and we don't see any material shift in their growth trajectory. So, we've not made significant changes to our portfolio.'Looking ahead to FY26, Bahety offered a word of advice for investors: 'Stay calm and avoid getting swayed by short-term noise. Historically, uncertain times have proven to be the best periods for investing. When viewed objectively, the current tariff tussle between the US and China could turn into a major tailwind for Indian manufacturing exports if it persists.'Bahety concluded by reiterating his bullish stance on India's long-term prospects, encouraging investors to focus on fundamentals and look through the short-term volatility.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
