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Operating Guidelines for Alternative Investment Funds in International Financial Services Centres:SEBI

SECURITIES EXCHANGE BOARD OF INDIA

CIRCULAR

SEBI/HO/IMD/DF1/CIR/P/143/2018

November 26, 2018

All Alternative Investment Funds

All Custodians

Dear Sir / Madam

Subject: Operating Guidelines for Alternative Investment Funds in International Financial Services Centres.

1. SEBI has issued SEBI (International Financial Services Centre) Guidelines, 2015 (hereinafter referred to as ‘IFSC Guidelines’) on March 27, 2015 for facilitating and regulating financial services relating to securities market in an IFSC set up under section 18(1) of Special Economic Zones Act, 2005. The IFSC Guidelines provide for broad framework for setting up of Alternatives Investment Funds (hereinafter referred to as ‘AIF’) in IFSC.

2. Based on the deliberations in Alternative Investment Policy Advisory Committee (AIPAC) and in consultation with other stakeholders, it has been decided to put in place ‘Operating Guidelines for Alternatives Investment Funds in IFSC’. The same is annexed herewith.

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 and to promote the development of, and to regulate the securities market.

4. The circular is available on SEBI website at www.sebi.gov.in under the categories “Legal framework – Circulars” and “Info for – AIF”.

Yours faithfully,

Naveen Sharma
Deputy General Manager
91-22-26449709
naveens@sebi.gov.in

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