SEBI 通过新的清算指南简化 AIF 退出流程

印度证券交易委员会 (SEBI) 引入了重大的监管变革，旨在为另类投资基金 (AIF) 在清算阶段提供更大的运营灵活性。通过允许基金在官方存续期结束后仍保留清算所得，监管机构旨在解决基金正式解散后往往仍然存在的法律和监管义务的复杂性。

为支付负债和费用而保留资金的灵活性

根据新修订的 SEBI (另类投资基金) 条例，AIF 或其特定计划现在可以在允许的基金存续期结束后仍持有清算所得。这在以下三种特定情景下是被允许的：

  1. 诉讼与监管要求： 如果基金收到来自税务部门、执法部门、法院或监管机构的通知，表明存在潜在的法律或税务负债——即使这些负债尚未最终确定。
  2. 经投资者同意保留以应对预期负债： 如果基金管理人寻求并获得了至少 75% 投资者（按价值计算）的同意，以保留资金用于应对预期的未来负债。在这种情况下，管理人必须披露拟保留的具体金额和预计持续时间。
  3. 剩余运营费用： 为了支付清算成本，基金可以保留资金，期限自其允许的基金存续期结束起不超过三年。SEBI 已指示 AIF 标准制定论坛 (SFA) 定义哪些具体的运营费用科目符合此项规定。

引入“非活跃基金”框架

为了进一步简化基金的生命周期，SEBI 引入了新的“非活跃基金”状态。这一认定适用于已完成所有投资清算，但必须保持注册状态以管理保留收益或等待进行中诉讼结果的 AIF。

An AIF intending to surrender its registration while still holding retained monies may apply for this status. To prevent misuse, SEBI has imposed strict limitations on Inoperative Funds:

Compliance and Reporting Requirements

While the new framework reduces the administrative burden for winding-up funds, it maintains strict oversight through mandatory reporting. Inoperative Funds are exempted from several heavy compliance tasks, such as quarterly activity reports, performance benchmarking disclosures, and certain certifications for key investment personnel.

However, accountability remains a priority. AIFs that retain funds, as well as those classified as Inoperative Funds, must submit an annual report detailing the retained money and any outstanding liabilities. This report must be filed with both SEBI and the investors within 30 days of the end of each financial year. These rules come into effect immediately and also apply to Venture Capital Funds registered under the 1996 regulations.

Key Takeaways