SEBI launches GARUDA new system to speed AIF scheme launches
SEBI just rolled out GARUDA, a new system that makes launching Alternative Investment Fund, or AIF, schemes much quicker.
Now, the first scheme of an AIF can go live only after SEBI registration or after 10 working days from filing of the application, whichever is later.
SEBI registration or 10 working days
The first scheme of an AIF can launch only after the grant of SEBI registration or after 10 working days from filing the Private Placement Memorandum application, whichever is later.
Everything gets filed online, including fees and certifications.
Merchant bankers play a big part. They check all disclosures but can't have ties to the fund itself.
Some special funds (like accredited investor-only or angel funds) get exemptions and can launch even faster, and AI-only funds and LVFs must adhere to naming rules like 'AI only fund' or 'LVF.'