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FAQs for Grant of Registration for AIFs

GENERAL INFORMATION: 

THIS CHECKLIST DEALS ONLY WITH THE BROAD GUIDELINES FOR PROCESSING OF APPLICATIONS FOR REGISTRATION OF ALTERNATIVE INVESTMENT FUNDS. IT MAY BE NOTED HERE THAT THE CONTENTS OF THE CHECKLIST ARE SUBJECT TO CHANGE FROM TIME TO TIME. 

 

DISCLAIMER 

This checklist is not a legal document.

This checklist is strictly meant for the purpose of guiding Applicants regarding processing of applications for grant of registration to Alternative Investment Funds.  

1.How to get registered as an AIF?

A. The applicant has to visit the siportal.sebi.gov.in and file application for grant of registration as an AIF. The system generates a login ID for the applicant on receipt of the application for registration as an Alternative Investment Fund. On creation of the login SI portal, the Login ID and Password is automatically sent to the applicant through the system.

B. On receipt of the Login ID and Password, the applicant must fill up all the details by clicking “Fresh Registration” under the tab “AIF” given on the SEBI portal and pay required Application fees of Rs.1,00,000/- + 18% Goods & Services Tax (GST) through online mode available on SI Portal or by way of bank draft in favour of “The Securities and Exchange Board of India”, payable at Mumbai. The applicant is encouraged to make the requisite payment through the online mode only.

C. The applicant is required to submit information as specified under First Schedule of SEBI (AIF) Regulations, 2012 and other information as specified in the later sections of this document. The applicant needs to provide the details in various fields of the SIPortal and wherever specific fields are not provided, the applicant needs to upload the documents on the SIPortal under ‘optional attachments’. Instructions on how to fill the details is available under every field and the same can be accessed by clicking the “Blue Question Mark” on the top right hand corner of every page. Once all the details are filled up, the applicant to submit the online application form by clicking the “Final Submit” button.

D. Once the applicant submits the online application, the same is received by SEBI. The status of the application can be tracked by the applicant using the application number allotted for each application after the final submission.

E. For ease of processing the application, the applicant also needs to make a physical submission of the application to SEBI containing all the documents/information as mentioned in this document.

2.What is the applicable registration fee for various categories of AIF?

On receipt of approval from SEBI, the applicant are required to pay applicable registration fee as under:

S.No

Category of the Applicant

Registration Fee

1.

Category I AIF (except Angel Funds)

Rs. 500,000/- + 18% GST

2.

Category I AIF – VCF - Angel Fund  

Rs. 200,000/- + 18% GST

3.

Category II AIF

Rs. 10,00,000/- + 18% GST

4.

Category III AIF

Rs. 15,00,000/- + 18% GST

 

Upon receipt of registration fee, SEBI will grant registration to the applicant as an Alternative Investment Fund.

3.What documents/ information required to be provided by the applicant at the time of filing application on the SIPortal for registration as an Alternative Investment Fund?

A. The list of various documents/ information required to be submitted/uploaded by the applicant at the time of filing application on the SIPortal for registration as an Alternative Investment Fund are as given below in the table:

S.N Information required Particulars Supporting documents to be submitted
1.  Details            of the Applicant (AIF) 

Application Form

(Form-A)

Duly signed and stamped Application form (Form A) as given under First Schedule of SEBI (AIF) Regulations, 2012, providing all details specified in Form A.

One scan copy of duly signed and stamped Form A and one word document of the Form A to be uploaded on the SIPortal   

Undertaking                  &

Checklist  from the Signatory in the prescribed format as given in Annexure-A

Duly signed and stamped Undertaking & Checklist to be provided as under:
 Legal structure of the AIF Signatory
TrustTrustee

Limited Liability

Partnership

Designated Partner
CompanyDirector

Proof                              of

Incorporation and address of the

applicant

Self-attested copies of following documents to be provided:

i. Registered Trust Deed, in case of a Trust;

ii. Registered Partnership Deed along with certificate of incorporation, in case of Limited Liability Partnership (LLP);

iii. Memorandum and Articles Association along with certificate of incorporation, in case of a Company;

iv. PAN of the AIF (Applicant)

2.

Details of the Investment Manager Sponsor and Trustee of the AIF

i. Identity proof; ii. Proof of address

Self-attested copies of PAN and address proof to be provided for the following:

i. Applicant

ii. Sponsor and its Directors/Partners (as applicable)

iii.    Investment Manager and its Directors/Partners (as applicable)

iv. Trustee and its Directors/Partners (as applicable)

v. Key investment team members

vi. Key management personnel of the AIF or Investment manager;

vii. Certificate of Incorporation of sponsor/manager to be provided as applicable.

    
3.

Financial information of the Investment Manager or Sponsor

of the AIF

Capital adequacy for maintaining continuing interest

i. Latest CA certified Net-worth certificate of Sponsor / Investment Manager or their promoters/partners (as applicable) to demonstrate that they have sufficient net worth for maintaining continuing interest in the AIF;

ii. Financial statements for previous financial year of the Sponsor and Investment Manager.

4.

Declarations to be provided by the

applicant

Necessary declarations

required for processing the

application

i.         Declarations w.r.t regulatory actions taken in the past, if any, - Refer 6(a), 6(b), 6 (c) of Form-A as given under First Schedule of SEBI (AIF) Regulations, 2012 (*) ;

ii.       Declarations w.r.t compliances – Refer 7(a), 7(b), 7(c), 7(d) of Form – A as given under First Schedule of SEBI (AIF) Regulations, 2012(#);

iii.     Whether there are any supervisory or regulatory concerns/actions in the last five (5) years with respect to applicant, sponsor, investment manager, controlling entities of sponsor and investment manager, associates and group companies of the applicant/sponsor/investment manager? If not, a declaration to that effect to be provided;

iv.     Whether necessary approval has been obtained from GoI for Press Note 3 compliance, in case the investment in Sponsor and/or Investment Manager is from any of the countries which share a land border with India or their beneficial owner is from such country? If not applicable then a declaration to that effect on a letter head shall be provided;

* Consolidated declarations under 6(a), 6(b), 6(c) to be submitted separately for Applicant, Trustee, Sponsor and Investment Manager. 

 

# Fit and proper declaration under 7(b) to be as per SEBI (Intermediaries) Regulations, 2008  as amended on November 17, 2021 or as may be amended subsequently

5.Scheme documents / Private               placement memorandum

Launch       of       First

scheme  by the AIF

AIFs to file their placement memorandum with SEBI through a SEBI registered Merchant Banker at the time of filing application for grant of registration (except Angel Funds and schemes that are Large Value Funds for Accredited Investors (LVF)

 Scheme Type Document required

Scheme of all AIFs, (except Angel Funds and schemes that are

LVF)

Due Diligence Certificate from a SEBI Registered Merchant Banker.

This Due Diligence Certificate to be  in terms of SEBI circular dated October 21, 2021on Modalities for filing of placement memorandum through a Merchant Banker as per the prescribed format given at Annexure B:

Category I AIF – VCF

- Angel Funds

Due Diligence Certificate from Trustee / Designated Partner/

Board of Directors of the AIF (as per legal structure) as mentioned at Annexure A.

 Schemes of LVF

Duly signed and stamped

undertaking form the CEO  of the  Manager to the  AIF  (or person holding equivalent role or position depending on the legal structure of Manager) and Compliance Officer of  Manager to the  AIF.

This undertaking to be in terms of SEBI circular dated June 24, 2022 on “Guidelines for Large Value Fund for Accredited Investors under SEBI (AIF) Regulations,  2012  and Requirement of Compliance Officer for Managers of all AIFs” 

6.

  Details                          of

shareholders/ partners of Sponsor and               Investment

Manager

Information to be provided on letter head

Shareholding pattern/partnership interest (as applicable) along with voting rights to be provided:

Name of the shareholder/ partner% shareholding /partnership interest%voting rights/ controlling interest
   

In case shareholder or partner of Manager/Sponsor is a non-individual, further details of entities holding 15% or more controlling interest in such shareholder/partner to be provided.

7.Whether Sponsor, Investment Manager or their shareholders / partners with shareholding/ voting rights / partnership interest of 20% or more, are registered with RBI, IRDA, PFRDA or any other financial regulator?Information to be provided on letter head

Yes /No (as applicable)

i. If yes,  registration details of the entity (s) to be provided as under:

Name of the shareholder/ partner

Name

financial regulator

of

capacity  in which the shareholder/ partner is

regulated

    

Whether any adverse concerns raised by financial regulator in last 5 years? If so, details thereof.

8.

Information to be provided with respect to controlling entities

/ persons, key management person (s) (KMPs), key investment team etc.

Information to be provided on letter headThe necessary information to be provided in the prescribed format as given below:
 

S.

N

InformationAIFManagerSponsor
1.Name of promoters   
2.Names of Person(s) holding controlling Interest or Person(s) exercising control over the applicant directly or indirectly   
3.

Names of Person(s) holding 20% or more

(i) shareholding / partnership interest (ii) voting rights/controlling interest

   
4.

Name of the Director(s) or Managing Partner(s)

   
5.

  Name of the Key Management Person(s)

  NA
6.

Name of the Compliance Officer

  NA
7.Names of the key investment team member(s)   
    8.

Name of the group companies

   
9.Name of the associate companies   
 
9.

Information to be provided with respect to associates and group companies of the Applicant, Sponsor, and

Investment Manager

Information to be provided on letter head

The necessary information to be provided in the in the prescribed format as given below:

Sr.

No.

Name of the entity

Whether related to Applicant/Sponsor /Investment Manager

Type of relation -

Associate /Group Company

Details of registration with RBI, PFRDA, IRDAI or any other financial regulator
1.    
2.    
10.

Key investment team member(s) meeting experience and

qualification requirements in terms of Reg 4(g) of AIF Regulations

Information to be provided on letter head

Profile and background of the key investment team member(s) to be provided in Form-A and PPM (format given below) to clearly bring out the following:-

i. adequate experience of not less than five (5) years of experience in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets;

ii. professional qualification in finance, accountancy, business management, commerce, economics, capital market or banking from a university or an institution recognized by the Central Government or any State Government or a foreign university, or a CFA charter from the CFA institute or any other qualification as may be specified by the Board:

 Name

Name            of organisation

Designation

Work

Profile

(**)

Qualification
     

(**) may provide information on deals/transactions handled and their role to demonstrate the experience

             

B. All the names mentioned in the above table viz: name of applicant, sponsor, manager, trustee and their directors/partners, key investment team, key management persons, controlling entities, associate and group companies of the applicant /sponsor/manager etc., are also required to be provided in an excel file along with their PAN No. in the format as given below:

S.No. Names PAN No.