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Kartik Dhir

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Senior Associate in the Investment Funds Practice at Mumbai office of Cyril Amarchand Mangaldas. Kartik advises and represents clients in the asset management and funds space including fund managers, sponsors, portfolio managers, investment advisers, wealth managers and other stake holders. In addition to advising general partners (fund managers) for their structuring needs and setting-up investment platforms, he also represents limited partners (investors) such as sovereign funds, institutional entities, corporations, family offices and high net worth individuals for their investments in varied investment platforms. He can be reached at kartik.dhir@cyrilshroff.com.

Disposition of unliquidated assets has been a major challenge for some Alternative Investment Funds (“AIFs”). Most AIFs in the market today are close ended i.e., they have a fixed tenure, within which AIF managers are expected to fully exit the AIF’s portfolio investments. The recent data on AIFs, published by Securities Exchange Board of India (“SEBI”), indicates that AIF investments in unlisted securities are significantly higher (almost by a factor of 2.8) than that in listed securities. SEBI has increased its scrutiny of those AIFs which are seeking tenure extensions, are in the midst of their liquidation period or are struggling with expired liquidation period.Continue Reading Alternative Investment Funds: Dealing with unliquidated investments

SEBI Proposes Key Changes to the AIF Regime

The Securities Exchange Board of India (“SEBI”) has been actively updating the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) to strengthen the governance mechanism of alternative investment funds (“AIFs”) and bring in more transparency and accountability for market participants. The recent updates seem to be aimed at investor protection and ensuring compliance with the existing array of laws related to AIF Regulations.Continue Reading SEBI Proposes Key Changes to the AIF Regime