On 23 March 2026, SEBI convened its 213th board meeting in Mumbai, announcing a series of key reforms aimed at addressing longstanding challenges faced by the Indian hybrid securities market.
SEBI, at its 213th board meeting held on 23 March 2026, approved amendments to the “fit and proper person” criteria prescribed under Schedule II of The SEBI (Intermediaries) Regulations, 2008 (Intermediaries Regulations).
The Securities and Exchange Board of India (Alternate Investment Funds) Regulations 2012 (AIF Regulations) under Regulation 28, and Clause 15.1.1 of the SEBI’s Master Circular on AIFs dated 07 May 2024 (Master Circular) mandate all alternative investment funds (AIFs) to submit report of their activity as an AIF to the Securities and Exchange Board of India (SEBI) on a quarterly basis within 15 calendar days from the end of each quarter.
Gaurita Udiyawar is a Counsel in the investment funds practice group. Prior to joining the Firm, Gaurita Udiyawar was an associate at Simpson Thacher Bartlett (London). She has over 10 years of experience in advising domestic and international fund clients on legal and regulatory matters involving structuring and organisation of funds/investment platforms.
SEBI in its recent amendment to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) revamped the Angel Fund framework.
SEBI in its recent amendment to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) introduced the co-investment scheme framework
Khaitan & Co acted as the legal counsel and advised Motilal Oswal Alternates, the alternative investments arm of Motilal Oswal Group, in the setup of their sixth real estate fund in India (India Realty Excellence Fund VI) and the setup of a feeder fund in GIFT City.
Khaitan & Co acted as the legal counsel and advised Amicus India Capital Partners LLP in the setup of their second fund in India and the setup of a feeder fund in Mauritius, including negotiations with key domestic and international institutional investors for their investment in the India Fund and Mauritius Fund.
In the board meeting held on 18 June 2025 (Board Meeting), the Securities and Exchange Board of India (SEBI) introduced a series of reforms to facilitate ease of doing business and align regulatory provisions to the evolving market needs across the Alternative Investment Funds (AIFs), Venture Capital Funds (VCFs), Portfolio Management Services (PMS) and Foreign Portfolio Investors (FPI) ecosystem.
Khaitan & Co has advised an affiliate of Cerberus Capital Management and certain other investors on their investment in the unrated, unlisted, secured, zero coupon, redeemable, non-convertible debentures issued by Porteast Investment Pvt Ltd, a member of Shapoorji Pallonji Group, for an amount up to INR 28,600 crores (approx. USD 3.3 billion) for the purpose of refinancing the existing debt of group entities.
