CIRCULAR
SEBI/HO/AFD/SEC-3/P/CIR2025/85 June 06, 2025
To,
All Alternative Investment Funds
All Venture Capital Funds registered under the erstwhile SEBI (Venture Capital
Funds) Regulations, 1996
Dear Sir/ Madam,
Sub: Extension of timeline of additional liquidation period for VCFs migrating
to SEBI (Alternative Investment Funds) Regulations, 2012
1. SEBI vide Circular No. SEBI/HO/AFD/AFD-POD-1/P/CIR/2024/111 dated August
19, 2024, provided, inter-alia, for modalities for migration including conditions
under which Venture Capital Funds (VCFs) will be allowed to migrate to SEBI
(Alternative Investment Funds) Regulations, 2012 (AIF Regulations). Paragraph 5
of the said circular contained provisions for VCFs having at least one scheme
which has not been wound up post expiry of its liquidation period (in terms of
Regulation 24(2) of VCF Regulations).
2. Paragraph 5.2 of the said circular, inter-alia, specified that VCFs with schemes
whose liquidation period has expired and are not wound up and who migrate to AIF
Regulations shall be granted an additional liquidation period till July 19, 2025.
3. Based on representation received and consultations held with the industry and in
order to facilitate migration, it has been decided to extend the additional liquidation
period, prescribed under Paragraph 5.2 of the said circular, to July 19, 2026.
4. All other provisions of SEBI circular dated August 19, 2024 shall remain
unchanged.
5. It is reiterated that the last date for applying for migration with SEBI for all eligible
VCFs remains as July 19, 2025.
6. The circular shall come into force with immediate effect.
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7. The circular is issued with the approval of the Competent Authority.
8. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with Regulation 19AF(4),
Regulation 36 and Regulation 39(2) of AIF Regulations, 2012, to protect the
interests of investors in securities and to promote the development of, and to
regulate the securities markets
9. This circular is available on SEBI website at www.sebi.gov.in.
Yours faithfully,
Srikant Kumar Mishra
Deputy General Manager
Tel. No. 022-26449379
Email: skmishra@sebi.gov.in
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