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India Infoline has received approval from the Securities and Exchange Board of India for launching its alternative investment funds (AIFs) — IIFL Venture Fund, IIFL Private Equity Fund and IIFL Opportunities Fund. This takes the total tally of AIFs registered with the SEBI to 12 from 9 at present.
“We have received the approval from SEBI for all the three categories namely, IIFL Venture Fund (Category I — Venture Capital Fund), IIFL Private Equity Fund (Category II) and IIFL Opportunities Fund (Category III), of alternative investment funds,” IIFL Managing Director R. Venkataraman said.
As part of the various products offered by the IIFL Group, India Infoline will be additionally offering alternate asset investment products by launching various schemes, in due course, said a company statement. “India Infoline believes that the newly opened up sector of pooled investment vehicles through AIFs under the regulatory ambit of SEBI’s AIF regulations provide enormous opportunities for providing fund management and advisory services to the growing HNI’s and corporate segment,” Venkataraman said.
SEBI had notified in May this year the guidelines for a new class of market intermediaries named AIFs, which are funds established or incorporated in India for the purpose of pooling in capital from Indian and foreign investors for investing according to a pre-decided policy.
Under SEBI guidelines, AIFs can operate in three categories. Category-I AIFs are funds that get incentives from the Union Government, the SEBI or other regulators and include social venture funds, infrastructure funds, venture capital funds and SME funds.
Category-III AIFs are those trading with a view to make short-term returns and include hedge funds. Category-II AIFs can invest anywhere in any combination but are prohibited from raising debt, except for meeting their daily operational requirements. These AIFs include PE funds, debt funds or fund of funds, as also all others falling outside the ambit of two other categories.
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