20 January 2022
SEBI, vide a circular dated 10 December 2021 has provided certain clarifications in relation to the amendment to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 (“PMS Regulations”) which facilitates coinvestment by investors of Alternative Investment Funds (“AIF”) under the portfolio management route. Through the abovementioned circular SEBI has clarified that a manager of an AIF which is also a portfolio manager registered with SEBI, may offer co-investment services only after providing prior intimation to SEBI. Further, an AIF manager who is not a SEBI registered portfolio manager, and intends to offer co-investment services through the portfolio management route, shall be required to obtain registration with SEBI as a portfolio manager under the PMS Regulations.
For further information, please contact:
Souvik Ganguly, Partner, Acuity Law