SEBI doubles overseas investment limit of AIFs and VCFs
The Securities and Exchange Board of India (SEBI) has doubled the overseas investment limit of Alternate Investment Funds (AIFs) and Venture Capital Funds (VCFs) to $1500 million. AIFs and VCFs must mandatorily disclose the utilisation of overseas investment within five working days from the date of such usage on SEBI's intermediary portal. If an overseas limit is not used within 6 months from the date it is approved by SEBI, such expiry must be reported to the regulatory body within 2 working days from the expiry of the validity period. If an AIF or VCF wishes to surrender its overseas limit during the validity period, such decision must be reported within 2 working days from the date on which the decision is made.