Securities and Exchange Board of India

The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India.

SEBI performs three main functions: quasi-legislative, quasi-judicial and quasi-executive. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity.

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All affairs of SEBI are managed by an appointed board that comprises a chairman and other whole time & part time members.

Chairman : Mr. Ajay Tyagi

Whole Time Members :

-Gurumoorthy Mahalingam
-Sanjeev Kaushik
-Madhabi Puri Buch


Key Reforms

1.IVCA is seeking an Amendment in Regulation 15(1)(d) of SEBI(Alternative Investment Funds), Regulation, 2012 for the welfare of CAT III funds. We recommend that the 10% investment restriction in one Investee Company to be calculated based on the NAV of the Fund immediately preceding the date on which investment is proposed to be made (and not on investible funds).

2. Permit resident Indians/NRIs/ OCIs who qualify as BO to hold management shares and make contribution required as sponsor/offshore Manager in FPIs.

3. Obtaining Clarification on whether a manager and sponsor to an AIF is regulated and/or registered under SEBI (AIF) Regulations, 2012.

Policy Updates

- Exempted AIF II from 1 year IPO lock-in
- Angel Fund rules made pragmatic