The Securities and Exchange Board of India (SEBI) issued new guidelines for foreign-investing Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs).
SEBI has removed the requirement that the investee company have an Indian connection from the most recent guidelines. AIFs are permitted to invest in securities of companies incorporated outside of India. Furthermore, under certain conditions, VCs may invest in offshore venture capital firms. Previously, Indian funds could only invest 25% of their funds in foreign companies with a presence in India, such as a branch office. However, SEBI was only last year considering the definition of “India connection,” while the 25% ceiling remains in place.
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