Amendment to Regulation 20(6) of SEBI (AIF) Regulations, 2012

Last updated: 09 January 2021

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SEBI has amended Regulation 20(6) of the AIF Regulations, 2012. This amendment grants an exemption from specific clauses of the first proviso to Regulation 20(6). However, this exemption is subject to certain conditions. Investors must provide a waiver to the AIF regarding compliance with these clauses, following the format specified by SEBI.

CIRCULAR
SEBI/HO/IMD/DF6/CIR/P/2021/004
January 08,2021

To,
All Alternative Investment Funds(AIFs)

Sir/ Madam,

Sub: Amendment to Regulation 20(6) of SEBI (AIF) Regulations, 2012

1.In terms of the amendment to SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), notified on January 08, 2021, exemption is granted from applicability of clause (i) and (ii) ofthe first proviso to Regulation 20(6), subject to certain conditions including each investorfurnishinga waiver to the AIFin respect of compliance with these clauses, in the mannerspecified by SEBI.The said notification is availablehere.

2.The format forwaiver to be furnished by the investors in this regard, isgiven at Annexure I.

3.This Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market.

4.The circular isavailable on SEBI website at www.sebi.gov.in under the categories "Legal framework -Circulars" and "Info for -Alternative Investment Funds”.

Yours faithfully,

Sanjay Singh Bhati
Deputy General Manager
+91-22-26449222
ssbhati@sebi.gov.in