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Markets regulator Sebi on Tuesday issued guidelines to permit Alternative Investment Funds (AIFs) to retain liquidation proceeds beyond their permissible fund life under specified circumstances. The regulator also introduced an 'Inoperative Fund' framework for wound-up funds with residual obligations. The move follows amendments to the Sebi (Alternative Investment Funds) Regulations on April 18 aimed at providing operational flexibility to AIFs during the winding-up process and surrender of registration. Under the new framework, AIFs or their schemes may retain liquidation proceeds beyond the liquidation or dissolution period if they have received litigation notices or regulatory demands, obtained consent from at least 75 per cent of investors by value for retaining funds against anticipated liabilities, or need to meet residual winding-up related operational expenses, Sebi said in its circular. The regulator said litigation-related communications could include notices from tax ...
Rajesh Exports Chairman Rajesh Mehta on Tuesday denied any fund diversion in its subsidiary ACC Energy and promoter-controlled Elest Ltd, saying Sebi has not understood the accounting entries, even as the company faces potential removal from the Rs 18,100-crore ACC Production-Linked Incentive scheme. "First of all, the Sebi has made observations. That has to be put in the right place first. Point number two, there is zero diversion of funds. They have not understood the accounting entries," the Rajesh Exports founder told PTI. The company is ready to clarify, he added. The market regulator's June 3 interim order flagged a circular fund-routing scheme involving ACC Energy Storage and promoter-controlled Elest Pvt Ltd. After Elest acquired 49 per cent of ACC Energy in January 2025, it gave Rs 147 crore to the subsidiary, which returned Rs 112 crore on the same day. ACC Energy Storage also invested Rs 262 crore in Elest without disclosing valuation details. The company's MD and CFO ..
SEBI whole-time member Amarjeet Singh on Saturday said the regulator is undertaking a comprehensive review of the Portfolio Management Services (PMS) framework in consultation with industry body Association of Portfolio Managers in India (APMI) to "re-ignite growth" in the segment. Addressing the Wealth and Capital Market Summit organised by the Indian Chamber of Commerce, Singh said SEBI would soon float a consultation paper on the proposed reforms. "We are undertaking a comprehensive review of PMS and are engaged with APMI for consultations to re-ignite growth in this space. A consultation paper will be floated soon," Singh said. He also said the Securities and Exchange Board of India (SEBI) is currently in the consultation stage on issues related to donation, gifting and third-party payments in mutual funds, as the regulator seeks to balance investor convenience with anti-money laundering safeguards. SEBI's consultation paper issued on May 20 proposed a calibrated relaxation of
Markets regulator Sebi has extended the registration validity for not-for-profit organisations on the Social Stock Exchange, allowing their enrolment as NPOs for three years without raising funds, and lowered the minimum subscription requirement for issuing Zero Coupon Zero Principal Instruments (ZCZP). The moves are aimed at promoting the SSE (Social Stock Exchange) and facilitating ease of fundraising and encouraging greater participation by NPOs, Sebi said in its circular on Wednesday. Sebi has extended the validity period to three years from the existing two years, during which NPOs can remain registered on the SSE without raising funds. Sebi has taken into account practical challenges faced by NPOs, including delays in statutory and regulatory approvals. "It is being specified that a NPO may register on a SSE and not raise funds through it for a period of two years from the date of registration. Such period of two years may be further extended by one additional years subject t