Photo of Saumya Motwani

Associate in the Investment Funds Practice at the Mumbai office of Cyril Amarchand Mangaldas. Saumya advises clients on various aspects of investment funds including fund formation, regulatory compliances and structuring investments. Additionally, she advises investment advisors on regulatory issues. She also represents limited partners (investors) such as institutional entities to facilitate their investments in domestic funds and undertakes the drafting of legal documentation and the registration of AIFs in India. She can be reached at saumya.motwani@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