2024 Roundup of Key Changes for AIFs

Wednesday, January 29, 2025
(6:00 PM – 7:00 PM (IST))

 

INTRODUCTION:

AIFs have emerged as an important asset class for the Indian economy with approximately INR 4.5 trillion invested. AIFs have raised approximately INR 3.4 trillion from domestic investors vis-à-vis INR 2.2 trillion from foreign investors.¹

From a regulatory perspective, 2024 has been a busy year for AIFs. The Securities and Exchange Board of India (“SEBI”) has been immensely proactive in revising and updating the regulatory framework for AIFs in India. The changes have been made with the intention of enhancing transparency, increasing ease of doing business and reducing administrative burdens. Amendments (i.e. revision of beneficial ownership threshold) have also been proposed with the objective of ensuring consistency across different laws.

As we enter into a new year, we invite you to our webinar, 2024 roundup of key changes for AIFs. We will be discussing some of the major changes for AIFs inter-alia including below:

• Maintaining pro-rata and pari-passu rights of investors across schemes;

• Specific due diligence requirements to be carried out by fund managers;

• NISM certification requirement for member of key investment team of fund manager;

• Creating encumbrance by Category I / II AIFs

• Manner of dealing with unliquidated investments

• Investment by regulated entities in AIFs

We will discuss practical insights on how industry has adopted to these changes, existing challenges and the way ahead.

¹Data published by SEBI as of the quarter ending September 30, 2024

Flow of the session

06:00 PM to 06:45 PM (IST)	Panel Session
06:45 PM to 07:00 PM (IST)	Audience Q&A

 

Speakers

Parul Jain Head - International Tax and Fund Formation Practices Nishith Desai Associates

She focuses on international taxation, cross border transactions and fund formation practice areas including cross border investments and group reorganization strategies, M&A transactions and venture capital / private equity funding structures.

Parul is particularly adept in advising on cross border issues arising from investments into India. She has assisted promoter groups in re-organizing their business structures. She has also represented several prominent private equity, venture capital, growth and angel funds in setting up their onshore and offshore fund structures including assisting them with negotiations with LPs. She has also worked with technology companies in advising them on matters involving digital taxation. She was the India Branch co-reporter for the subject “Taxation and Fundamental Rights: Taxpayers’ Procedural Rights in a Globalised World” for the IFA 2015 Basel Congress. She was also the Secretary to the panel on “Indirect Transfer of Assets” for the IFA 2014 Mumbai Congress and to the panel on “Tax Treaty Override” for the IFA 2019 London Congress. This apart, she is a regular speaker at domestic and international seminars and actively contributes to various international publications. She also formed part of a four member committee which advised SEBI on changes to be brought to Angel fund Regulations in India.

 

Radhika Parikh Head – GIFT City, Member – Fund Formation Practice Nishith Desai Associates

Radhika Parikh leads the Nishith Desai Associates GIFT City offices. She is a Member of the Fund Formation practice at Nishith Desai Associates with a strong focus on PE / VC Funds. She has advised both international and domestic clients on legal, regulatory and tax issues, and best practices for fund governance and fund economics. She is also a Member of the International Tax Practice where she specializes in providing tax advice in complex cross border transactions, and works extensively with advising multi-jurisdictional families on both their family and business structures from an estate planning and succession perspective. She is also a Member of the Warranty & Indemnity Insurance Practice, where she specializes in advising offshore insurance companies with their legal underwriting for India-focused transactions.

 

Ipsita Agarwalla Leader - International Tax and Funds Formation Practices Nishith Desai Associates

Ipsita has over 5 years of experience in international taxation, M&A and fund formation. She is experienced in advising several clients on domestic M&A transactions and restructurings, inbound investments and repatriation, private equity transactions. She frequently advises on tax issues to several technology companies on tax and structuring issues, from an international tax and GST perspective including on upcoming technologies and digital products such as block-chain, crypto, non-fungible tokens and gaming. She is passionate regarding the social finance and impact investment space. She has assisted in the launch of one of India’s first-of-a-kind, USD 14.4 million Skill Impact Bond. She is also a member of the funds practice at Nishith Desai Associates where she advices on funds structuring and documentation of funds (domestic including GIFT City funds and offshore funds). She is also involved in advising various private equity clients with respect to their carry structures. She is extensively involved in the firms’ effort on identifying new opportunities and leveraging the new international financial services centre at GIFT City, Gujarat. She also writes regularly on contemporary international tax issues and has been involved with several initiatives within the firm, particularly for taxation of financial transactions and digital taxation.