Shikhar Kacker is a Partner in the Investment Funds practice group in the NCR office. Shikhar has extensive experience in advising investment managers and fund sponsors on structuring and setting up of both domestic and offshore private investment funds. He has also advised several prominent investment managers in connection with the acquisition of fund management business of other leading investment managers. Shikhar is a qualified Advocate on Record, Supreme Court.
Sahil Shah is a Partner in the Investment Funds practice group in the Mumbai office. He focuses on setting up of funds both in India as well as GIFT IFSC and has extensive experience in advising investment managers and fund sponsors on structuring and setting up of both domestic and offshore private investment funds (including in GIFT City). He also advises fund managers and advisers on the regulatory front.
The rapid and unprecedented spread of the novel coronavirus (Coronavirus) which started in December last year and soon became every economy’s waking nightmare has dealt a severe blow to businesses worldwide and posed a serious challenge to asset managers across the globe. Funds and their managers are battling various obstacles including accelerating fund outflows, substantial share price falls and operational challenges to their client-facing work as both international and domestic travel becomes increasingly difficult.
The first full union budget of the re-elected Narendra Modi Government presented on 1 February 2020 (Budget 2020) was a highly anticipated one from the perspective of the Indian fund management industry, with the industry expecting several tax and regulatory announcements to give a fillip to the industry. While Budget 2020 did deliver on several counts from the industry’s perspective, certain long-standing demands continue to remain unfulfilled.
The Private Placement Memorandum ("PPM") for each fund is submitted and reviewed by SEBI prior to granting registration to the fund.
The Securities and Exchange Board of India (SEBI), vide its circular SEBI/HO/IFSC/CIR/P/2019/91 dated 9 August 2019 (Circular) extended a magnanimous helping hand to alternative investment funds (AIFs) set up in the International Financial Services Centre (IFSC) regime by harmonizing the provisions governing investments by AIFs incorporated in IFSC with those provisions regarding investments applicable for domestic AIFs.
The Securities and Exchange Board of India (SEBI), vide its circular SEBI/HO/IFSC/CIR/P/2019/91 dated 9 August 2019 (Circular) harmonized the provisions governing investments by alternative investment funds (AIFs) incorporated in International Financial Services Centre (IFSC) with those provisions governing investments by domestic AIFs.
In a bout of relief to foreign portfolio investors (FPIs), the Securities and Exchange of India (SEBI) in its board meeting on 21 August 2019 (Board Meeting) has given its nod of approval to the recommendations made by the HR Khan Committee report published on 24 May 2019 (Report) (Please see our ERGO on the Report here). This Newsflash deals exclusively with those aspects of the Board Meeting that are applicable to FPIs.
Siddharth Shah is a senior partner with Khaitan & Co in its Mumbai office and leads the funds practice for the firm. He has over 20 years of professional experience in advising clients in the matters relating to fund formations, setting up of investment platforms, structuring of private equity investments and other corporate transactional matters dealing with joint ventures and M&As in public and private space.
Vivek Mimani is a Partner in the Investment Funds Practice Group. Prior to joining Khaitan & Co, he was a part of the Investments Funds Practice Group at Nishith Desai Associates.
