What is an AIF
Alternative Investment Fund [AIF] are a class of pooled investment funds which invest in venture capital, real estate, private equity, hedge funds, managed futures. In other words, an AIF refers to an investment which is different... from the conventional avenues of investment such as stocks, debt securities, etc.
Alternative Investment Fund [AIF] are not covered under the jurisdiction of any regulatory body in India nor are they classified under the Mutual fund regulations laid down by the SEBI. AIF’s are defined under Regulation 2(1) (b) of the SEBI (Alternative Investment Funds) Regulation, 2012 as “privately held and managed pool of investment fund of either domestic or foreign origin, organised in the form of a body corporate, company, LLP (limited liability partnership), or a trust. An AIF can be established in any of the forms mentioned above.
AIF’s are private pooled investment funds and are not available through the forms of public issues (like Initial Public Offerings) which are applicable to Mutual Funds or other collective investment Schemes.
What does not fall under the purview of AIF?
There are certain types of trusts which do not fall under the purview of AIF:
➲ Family trusts
➲ ESOP trusts
➲ Employee welfare trusts
➲ Holding companies
➲ Securitization trusts
➲ Other special purpose vehicles like securitization trusts
➲ Registered securitization companies or reconstruction company funds
➲ Any fund governed by other Indian regulators
Benefits of Alternative Investment Fund | AIF
➲ AIF's provide Greater flexibility and scope in relation to traditional investment options
➲ AIF’s offer very lucrative risk-return ratio
➲ AIF’s present greater diversification of funds and low correlation
➲ Provides various opportunities to make investments in unlisted companies and high-yielding funds.
➲ AIF’s offer structured products with ample risk mitigation. Thusattracting HNI’s to make investments in AIF’s
Eligibility Criteria for registration of AIF Registration || Legal Requirement for AIF Registration
A. Charter document like MOA or Trust Deed or Partnership Deed shall have clauses pertaining to carrying on the activity as an Alternative Investment Fund
B. In case of a trust or partnership firmthe respective Trust Deed or Partnership Deed shall be registered with the respective registrar in accordance with the applicable laws
C. The charter document shall contain provisions prohibiting an invitation to the public to subscribe to its securities
D. The ApplicantSponsor and Manager shall be “fit and proper” as prescribed in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations2008
E. The members of the key investment team of the investment manager of the Alternative Investment Fund shall possess adequate experience and shall comprise of at least 1 (one) key personnel having a minimum of 5 years of relevant experience
F. Manager & Sponsor of an AIF shall possess the necessary infrastructure and manpower to discharge its activities
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