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Business Standard
3 days ago
- 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.
Entrepreneur
3 days ago
- Business
- Entrepreneur
IVCA Urges Legacy VCFs to Act on SEBI Migration Framework Before July 2025 Deadline
Under this framework, VCFs with active schemes or schemes that have expired but still hold unliquidated investments can opt to transition into the Alternative Investment Fund (AIF) regime under a new sub-category—Migrated Venture Capital Funds (MVCFs). You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The Indian Venture and Alternate Capital Association (IVCA) has issued a clarion call to all legacy Venture Capital Funds (VCFs) to urgently act on the Securities and Exchange Board of India's (SEBI) migration framework before the looming deadline of July 19, 2025. SEBI, through its circular dated August 19, 2024, introduced a one-time migration window for VCFs operating under the now-repealed SEBI (Venture Capital Funds) Regulations, 1996. Under this framework, VCFs with active schemes or schemes that have expired but still hold unliquidated investments can opt to transition into the Alternative Investment Fund (AIF) regime under a new sub-category—Migrated Venture Capital Funds (MVCFs). The move is seen as a major regulatory overhaul intended to modernise India's fund ecosystem, offering operational clarity and a structured path for legacy funds. Despite the advantages, the response to the migration framework has reportedly been lukewarm. Rajat Tandon, President of IVCA, emphasised, "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," he said. "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." The framework includes several incentives such as simplified re-registration, fee waivers, and customised compliance norms. However, the slow uptake is raising concerns among industry observers and regulators. IVCA is urging all eligible legacy VCFs—particularly those with residual assets—to assess their status and apply for migration promptly. VCFs that have either not made any investments or have wound up all their schemes are encouraged to formally surrender their registration to SEBI. "This transition is not merely regulatory housekeeping—it's about building a more robust and transparent fund governance ecosystem," said Tandon. For further guidance, VCFs are advised to reach out to IVCA or directly engage with SEBI to ensure timely compliance. IVCA is the apex industry body for the alternate capital industry in India, representing over 450 funds with a combined AUM exceeding USD 350 billion. It advocates for policy development, supports innovation, and aims to position India as a global fund management hub.
Entrepreneur
19-05-2025
- Business
- Entrepreneur
IIM Calcutta and Imarticus Learning Launch Executive Programme in Private Equity and Venture Capital
The programme includes a three-day campus immersion at IIM Calcutta, offering participants a chance to interact with faculty, network with peers, and experience the institute's academic culture first-hand. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In a move that underscores the growing significance of private capital markets, IIM Calcutta has partnered with Imarticus Learning to launch an executive programme in Private Equity (PE) and Venture Capital (VC). Designed for finance professionals and entrepreneurs, the seven-month live online course combines academic rigour with real-world insights to prepare participants for leadership roles in investment management. The programme includes a three-day campus immersion at IIM Calcutta, offering participants a chance to interact with faculty, network with peers, and experience the institute's academic culture first-hand. The curriculum spans key PE and VC topics such as deal sourcing, startup valuation, fundraising, financial modeling, portfolio management, exit strategies, and also covers emerging regulatory and digital trends in the sector. "At IIM Calcutta, we are committed to nurturing future-ready professionals equipped to lead in rapidly evolving financial landscapes," said Prof Avijit Bansal, Assistant Professor, Finance and Control, IIM Calcutta. "The PE and VC programme in association with Imarticus Learning is designed to prepare participants with practical skills, domain expertise, and a holistic understanding of PE and VC dynamics." A key highlight of the programme is its focus on application-driven learning. Participants will gain access to masterclasses delivered by seasoned PE and VC veterans, offering practical perspectives on billion-dollar deals and global investment trends. Additionally, the programme includes personalised mentorship, leadership coaching, and psychometric evaluations to strengthen decision-making and strategic thinking. "We are excited to partner with IIM Calcutta to offer a world-class learning experience that bridges the gap between classroom learning and boardroom decisions," said Nikhil Barshikar, Founder and CEO, Imarticus Learning. "Given the changing investment landscape, we see an urgent need for such a specialised programme, ideal for mid-to-senior-level professionals." Imarticus Learning, founded in 2012, is India's leading professional education company, dedicated to industry-relevant training. With partnerships spanning 25+ premier institutes and over 3,500 global hiring partners, the company has impacted more than one million careers. On completion, participants will receive IIM Calcutta executive education alumni status, providing lifelong access to the institute's global alumni network and dedicated digital platforms — a powerful advantage in the competitive investment ecosystem.
Yahoo
08-05-2025
- Business
- Yahoo
OpenAI's nonprofit mission fades further into the rearview
OpenAI was founded as a nonprofit with a mission to build safe artificial general intelligence for the benefit of humanity. For a while, that structure made sense. But in 2019, the company made a discovery that changed everything: Scaling up AI models—with more data, compute, and parameters—led to predictably stronger results. Most Read from Fast Company The insight was formalized in a 2020 paper titled 'Scaling Laws for Neural Language Models,' and it reshaped OpenAI's trajectory. That same year, the company released GPT-3, a model 100 times larger than GPT-2. Microsoft invested. Venture capitalists piled in. Inside the company, employees began to see Sam Altman as the one who could turn a nonprofit breakthrough into a world-changing—and highly profitable—business. And yet OpenAI remained a nonprofit company. Seen in that light, yesterday's announcement that OpenAI's for-profit arm will become a 'public benefit company' (PBC) is no big surprise. Under the newly proposed structure, OpenAI will continue operating as a for-profit AI business housed within a nonprofit parent. (Altman said last year he wanted to free the for-profit from the nonprofit parent.) 'We made the decision for the nonprofit to retain control of OpenAI after hearing from civic leaders and engaging in constructive dialogue with the offices of the Attorney General of Delaware and the Attorney General of California,' OpenAI board member Bret Taylor said in a blog post Monday. The change is that the for-profit part will now be a 'public benefit corporation' and no longer a 'capped profit' entity. Now there's no limit on how much OpenAI shareholders—including investors and employees—can earn. Dropping the capped-profit model was also a condition of OpenAI's last two funding rounds. In the most recent (and largest), lead investor SoftBank stipulated that OpenAI adopt a new corporate structure by the end of 2025. Investors are willing to bet big on OpenAI, but they want the potential for big returns. Altman and others at OpenAI have said that bringing in revenue has become more important with the realization that building progressively better models will require massive investments in infrastructure and computing power. The key worry about Sam Altman is that, under his leadership, the company might prioritize pushing toward superintelligent AI without adequately safety-testing its models or mitigating their risks. The new PBC structure likely won't do much to quiet those concerns.
Fast Company
06-05-2025
- Business
- Fast Company
OpenAI's nonprofit mission fades further into the rearview
OpenAI was founded as a nonprofit with a mission to build safe artificial general intelligence for the benefit of humanity. For a while, that structure made sense. But in 2019, the company made a discovery that changed everything: scaling up AI models—with more data, compute, and parameters—led to predictably stronger results. The insight was formalized in a 2020 paper titled ' Scaling Laws for Neural Language Models,' and it reshaped OpenAI's trajectory. That same year, the company released GPT-3, a model 100 times larger than GPT-2. Microsoft invested. Venture capitalists piled in. Inside the company, employees began to see Sam Altman as the one who could turn a nonprofit breakthrough into a world-changing—and highly profitable—business. And yet OpenAI remained a nonprofit company. Seen in that light, yesterday's announcement that OpenAI's for-profit arm will become a 'public benefit company' (PBC) is no big surprise. Under the newly proposed structure, OpenAI will continue operating as a for-profit AI business housed within a nonprofit parent. (Altman said last year he wanted to free the for-profit from the nonprofit parent.) 'We made the decision for the nonprofit to retain control of OpenAI after hearing from civic leaders and engaging in constructive dialogue with the offices of the Attorney General of Delaware and the Attorney General of California,' OpenAI board member Bret Taylor said in a blog post Monday. The change is that the for-profit part will now be a 'public benefit corporation' and no longer a 'capped profit' entity. Now there's no limit on how much OpenAI shareholders—including investors and employees—can earn. Dropping the capped-profit model was also a condition of OpenAI's last two funding rounds. In the most recent (and largest), lead investor SoftBank stipulated that OpenAI adopt a new corporate structure by the end of 2025. Investors are willing to bet big on OpenAI, but they want the potential for big returns. Altman and others at OpenAI have said that bringing in revenue has become more important with the realization that building progressively better models will require massive investments in infrastructure and computing power.
