The Securities & Exchange Board of India (SEBI) on 08 March 2024 notified the much anticipated Small & Medium Real Estate Investment Trusts (SM REITs) regime by way of an amendment (SM REITs Amendment) to the SEBI (Real Estate Investment Trusts) Regulations, 2014 (REITs Regulations).
As part of the strong push to promote GIFT City as a global financial hub and to remove all stops for sovereign wealth funds to set up shop there, the International Financial Services Centres Authority (IFSCA), vide circular dated 1 March 2023 (2023 Circular), provided certain relaxations to sovereign wealth funds (SWFs) seeking registration as a fund management entity in GIFT City under the IFSCA (Fund Management Entity) Regulations, 2022 (FM Regulations).
On 10 August 2023, the Securities and Exchange Board of India (SEBI) introduced an amendment (Amendment) to the SEBI (Foreign Portfolio Investors) Regulations 2019 (FPI Regulations), allowing SEBI the additional right to demand granular disclosure of Ultimate Beneficial Owners (UBOs) based on ownership, economic interests and control for those Foreign Portfolio Investors (FPIs) which meet the criteria specified by SEBI from time to time.
In our previous ERGO, we had analysed the impact of the amendments to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) approved by the Securities and Exchange Board of India (SEBI) in its board meeting dated 29 March 2023 (SEBI Board Meeting) aimed at introducing enhanced governance and disclosure standard for Alternative Investment Funds (AIFs).
The Securities and Exchange Board of India (SEBI) has been bringing in a plethora of changes to the existing landscape of the alternative asset industry. The SEBI circular no. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated 5 February 2020, which introduced the template(s) for Private Placement Memorandum (PPM) for alternative investment funds (AIFs) marked the beginning of this slew of changes.
The alternative asset industry is the pulse of any growing economy, and to keep up with the dynamism of a growing economy, the industry itself must constantly evolve. The evolution of the industry requires a strong support in the form of a conducive regulatory landscape within which the industry operates.
The Securities and Exchange Board of India (SEBI) rolled out the fourth amendment this year to the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) dated 15 November 2022 (Fourth Amendment) to bring the alternative investment funds (AIF) regulatory space closer to global standards.
Over the past week, the Government of India (GOI) and Reserve Bank of India (RBI) have revamped the overseas investment architecture for persons resident in India with the New OI Regime. Khaitan & Co. has on 24 August 2022, already shared an update on the overall framework of the New OI Regime (available here), outlining the key changes introduced through such regime. This update addresses the impact on financial services sector.
