The Securities and Exchange Board of India vide its notification dated 22nd October 2020 has issued a framework for processing applications for registrations of Alternative Investment Funds.
The applications for registration of AIFs and launch of new schemes shall be dealt with as under:
The applications wherein Investment Committee proposed to be constituted to approve investment decisions of AIF includes external members who are ‘resident Indian citizens’, shall be duly processed.
The applications wherein the investment committee proposed to be constituted to approve investment decisions of AIF include external members who are not ‘resident Indian citizens’, then those will be considered only after receiving clarification from the government and the Reserve Bank of India (RBI).
