Industry group pitches for removal of surcharge on category III AIFs

An industry association, comprising private equity, venture capital and institutional investors, is lobbying for a pass-through status for category III alternative investment funds (AIFs), which are usually targeted at wealthy investors. 

Indian Private Equity & Venture Capital Association (IVCA), the apex association for PE and VC firms, has shot a letter to this effect to the finance ministry a few days back, said two people familiar with the matter. 

Pass-Through status for category III funds has been a long-pending industry demand, but gains significance in the backdrop of the additional surcharge introduced in the Union Budget this year. 

Pass-through implies