SEBI Analegeza Sheria: AIFs Sasa Zinaweza Kubaki na Mapato ya Ufilisi Baada ya Muda wa Mfuko Kuisha

Bodi ya Dhamana na Bidhaa za India (SEBI) imeanzisha wepesi mkubwa wa kanuni kwa Mifuko ya Uwekezaji Mbadala (AIFs) kwa kuruhusu mifuko hiyo kushikilia mapato ya ufilisi hata baada ya muda wake rasmi wa mfuko kuisha. Hatua hii ya kimkakati inalenga kurahisisha mchakato wa kufunga mfuko na kutoa kinga dhidi ya madeni ya kisheria au kiutendaji yasiyotarajiwa.

Mfumo Mpya wa Kubaki na Mapato ya Ufilisi

Chini ya Kanuni zilizohuishwa za SEBI (Mifuko ya Uwekezaji Mbadala), mameneja wa mifuko hawatahitajika tena kugawa mali zote mara moja baada ya mwisho wa muda wa mfuko ikiwa masharti maalum yatatimizwa. AIFs au mipango yao inayojitegemea sasa zinaweza kubaki na mapato ya ufilisi chini ya mazingira makuu matatu:

1. Mashauri ya Kisheria na Mahitaji ya Kanuni: Ikiwa mfuko utapokea notisi kutoka kwa mamlaka za kodi, wadhibiti, mashirika ya utekelezaji wa sheria, au mahakama zikionyesha madeni ya kisheria au kodi yanayoweza kutokea, hata kama madeni hayo bado hayajathibitika kikamilifu.
2. Madeni Yanayotarajiwa kwa Idhini ya Wawekezaji: Mifuko inaweza kubaki na pesa ili kugharamia madeni ya baadaye yanayotarajiwa, mradi tu ipate idhini rasmi kutoka kwa angalau 75% ya wawekezaji kwa thamani. Katika hali kama hiyo, mameneja lazima wafichue kiasi mahususi kitakachoshikiliwa na muda unaokadiriwa wa kushikilia fedha hizo.
3. Gharama za Kiutendaji Zinazobaki: Ili kugharamia gharama za mchakato wa kufunga mfuko wenyewe, mifuko inaweza kubaki na mapato. Hata hivyo, kipindi hiki cha kushikilia fedha kimewekewa kikomo cha miaka mitatu pekee tangu mwisho wa muda unaoruhusiwa wa mfuko.

Utangulizi wa Hali ya 'Mfuko Usiofanya Kazi' (Inoperative Fund)

Ili kurahisisha usimamizi wa mifuko iliyofungwa ambayo bado ina wajibu unaobaki, SEBI imeanzisha mfumo wa 'Mfuko Usiofanya Kazi' (Inoperative Fund). Hali hii imeundwa kwa ajili ya AIFs ambazo zimekamilisha uuzaji wa mali zote za uwekezaji lakini lazima ibaki ikiwa imesajiliwa kutokana na mashauri ya kisheria yanayoendelea au hitaji la kushikilia mapato yaliyobaki.

An AIF intending to surrender its registration while still holding monies can apply for this 'Inoperative Fund' status. To prevent misuse, SEBI has imposed strict limitations on these entities:

• They are prohibited from making any new investments.
• They cannot launch new schemes.
• They are barred from charging management fees.
• Retained monies can only be parked in instruments permitted under existing AIF Regulations.

Compliance and Reporting Mandates

While the new framework reduces the administrative burden for inactive funds, it maintains rigorous oversight. SEBI has exempted Inoperative Funds from several heavy compliance requirements, such as quarterly and annual activity reports, performance benchmarking disclosures, and certain audit requirements for Private Placement Memorandum (PPM) terms.

However, transparency remains a priority. AIFs that retain funds—including those classified as Inoperative Funds—must file an annual report detailing the retained money and any outstanding liabilities. This report must be submitted to both SEBI and the investors within 30 days of the end of each financial year. This new framework is effective immediately and also extends to Venture Capital Funds registered under the 1996 regulations.

Key Takeaways

• Operational Flexibility: AIFs can now hold funds post-liquidation for litigation, anticipated liabilities (with 75% investor consent), or winding-up expenses (up to 3 years).
• Inoperative Fund Status: A new category allows funds with residual obligations to surrender registration and reduce compliance costs while being prohibited from new investments or fee collection.
• Strict Oversight: Despite exemptions, funds must provide annual reports on retained monies and liabilities to SEBI and investors within 30 days of the financial year-end.