SEBI reviewing 20 Alternative Investment Funds

As many as 20 entities have sought Sebi's approval to set up Alternative Investment Funds (AIFs), a newly created class of pooled-in investment vehicles for real estate, private equity and hedge funds.

Sebi (Securities and Exchange Board of India) has already allowed seven AIFs to set shop in the country, all of which got their approvals from the market regulator last month.
As per the latest Sebi data, 20 applications were pending with Sebi for registration as AIFs as on August 31, 2012.
 
The regulator had notified in May this year the guidelines for a new class of market intermediaries named AIFs, which are basically funds established or incorporated in India for the purpose of pooling in of capital from Indian and foreign investors for investing as per a pre-decided policy.
 
Out of the 20 pending applications, Sebi said 15 applications are "being processed", while the regulator has sought further details from five others as they had provided "incomplete information" as on August 31.
 
Most of these applications were filed in August, while some were submitted in June and July as well.
 
Source: ET

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