Whether a Life-Threatening Rescue by Cop Can be Treated as Routine Duty, Madhya Pradesh HC Clarifies  ||  Madhya Pradesh HC: Officer Cannot Oversee Department Conducting Disciplinary Proceedings Against Him  ||  Madras High Court: POCSO Act Does Not Exempt Romantic Relationships Involving Minors  ||  SC Upholds Haryana Rule Delaying Aid to Kin Accused of Murdering Government Employees  ||  Supreme Court: Lokayukta Special Police is Not Exempt From RTI as an Intelligence Body  ||  Supreme Court: Curable Irregularity in Appointments Cannot Nullify Entire Recruitment Process  ||  SC: Dismissal, Being the Severest Punishment, Should be Imposed Only For Grave Misconduct  ||  SC: Constructive Res Judicata Applies to Grounds Omitted Through Negligence or Inadvertence  ||  Madras High Court: Honour Killing is a Shameful Act and an Extreme Manifestation of Casteism  ||  Bombay High Court: Traditional Families Often Hesitate to Report Sexual Offences    

Foreign investment in Alternative Investment Funds (AIFs)- (Securities and Exchange Board of India) (11 Jan 2024)

MANU/SMIS/0001/2024

Capital Market

1. The Government of India through gazette notification dated March 07, 2023 and September 04, 2023 has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, inter-alia, to revise the thresholds for determining the beneficial ownership.

2. In view of the amendments to the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, para 4.1.2. under Chapter 4 of SEBI Master Circular No. SEBI/HO/AFD/PoD1/P/CIR/2023/130 dated July 31, 2023 for AIFs stands modified as mentioned below:

The investor, or its beneficial owner as determined in terms of sub-rule (3) of rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, is not the person(s) mentioned in the Sanctions List notified from time to time by the United Nations Security Council and is not a resident in the country identified in the public statement of Financial Action Task Force as -

(i) a jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or

(ii) a jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies.

3. In case an investor who has been already on-boarded to scheme of an AIF, does not meet the revised condition as specified at para 2 above, the manager of the AIF shall not drawdown any further capital contribution from such investor for making investment, until the investor meets the said condition.

4. The provisions of this circular shall come into force with immediate effect.

5. This circular is issued with the approval of the competent authority.

6. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : FOREIGN INVESTMENT   AIFS   CIRCULAR  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved