India Infoline gets approval for three funds

"We are delighted to receive the approval from SEBI," R. Venkataraman, managing director of IIFL, said in a statement. "IIFL 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 high net worth's and corporate segment."

In September, SEBI received 20 applications from fund managers for AIF status. The new regulatory classification was designed to improve oversight of private equity, real estate and hedge fund investors. It was also introduced to replace venture capital funds, which were seen as unwieldy because classification requirements are so broad and unsafe because there is no mandatory registration.

At that time, the application of IIFL Private Equity Fund was said to be pending due to incomplete information.

AIF status has also been awarded to several other entities, including IFCI Syncamore India Infrastructure Fund, Excedo Realty Fund, Sabre Partners Trust and KKR India Alternate Credit Opportunities Fund.

There are three categories of AIF: vehicles that have a positive spillover effect on the economy and might qualify for certain incentives, such as venture capital funds, social venture funds and infrastructure funds; vehicles that don't qualify for incentives, such as private equity funds, debt funds and fund-of-funds; and vehicles that embrace high risk or complex trading strategies, such as hedge funds.

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• Topics
• South Asia
• Regulation
• India
• SEBI
• regulation