SEBI vide circular dated July 3, 2018, has increased the overseas investment limit of alternative investment funds (“AIFs”) and venture capital funds(“VCFs”) to USD 750 million from USD 500 million.
To monitor the utilisation of overseas investment limits, AIFs and VCFs are required to mandatorily disclose the following:
a. report the utilisation of the overseas limits within 5 working days of such utilisation on SEBI intermediary portal;
b. report the following through the SEBI intermediary portal:
i) in case an AIF/VCF has not utilised the overseas limit granted to them within a period of 6 months from the date of SEBI approval (“validity period”), the same shall be reported within 2 working days after expiry of the validity period.
ii) in case an AIF/VCF has not utilised a part of the overseas limit within the validity period, the same shall be reported within 2 working days after expiry of the validity period.
iii) in case an AIF/VCF wishes to surrender the overseas limit at any point of time within the validity period, the same shall be reported within 2 working days from the date of decision to surrender the limit.
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