Indian regulator finalizes PE oversight measures
The Securities and Exchange Board of India (SEBI) has released a final version of regulations intended to tighten its control over the private equity industry. The new rules governing alternative investment funds (AIFs) replace the venture capital funds (VCF) system, which is seen as unwieldy because classification requirements are so broad and unsafe because there is no mandatory registration.
SEBI published draft regulations in August 2011 and invited public comment. A desire to have funds clearly delineate their investment purposes - and stick with them - led to an initial proposal for nine...
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