SEBI’s Circular on Filing of Term Sheet by Angel Funds

Jul 02, 2018 | by Avantis RegTech Legal Research Team

In order to provide ease of doing business to Angel Funds, the Securities and Exchange Board of India (SEBI) had formed a working group to study SEBI (Alternative Investment Funds) Regulations, 2012 (AIF regulations) and suggest changes required, if any. Based on the recommendations of the working group, SEBI has amended the AIF Regulations vide notification dated June 01, 2018, simplifying certain regulatory provisions regarding the Angel Fund including Regulation 19(E) which deals with filing of scheme details with SEBI.

Pursuant to the aforesaid amendment of AIF regulations, it is specified that

1.       angel funds may now launch schemes subject to filing of a Term Sheet in the format as specified in Annexure II of this Circular;

2.       such Term Sheet shall contain material information regarding the scheme; and

3.       such Term Sheet shall be filed with the Board within ten days of launching the scheme.

The provisions of this circular shall be applicable with immediate effect.

[CIRCULAR CIR/IMD/DF1/ 102 /2018]



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