Sebi amends AIF rule; specifies maximum permissible limit for extension of Large Value Funds' tenure

Markets regulator Sebi has amended alternative investment funds (AIF) norms specifying maximum permissible limit for extension of tenure by 'Large Value Funds'.

In a notification, Sebi said a large value fund for accredited investors may be permitted to extend its tenure up to five years. This is subject to the approval of two-thirds of the unit holders by value of their investment in the large value fund for accredited investors.

The extension in tenure of any existing scheme of a large value fund for accredited investors will be subject to such conditions as specified by the regulator.