INDIA Law and Practice Contributed by: Tejesh Chitlangi, Sushreet Pattanayak, Pooja Mehta and Anita Jain, IC Universal Legal
2.3.7 Marketing of Alternative Funds See 2.2.3 Restrictions on Investors . 2.3.8 Marketing Authorisation/Notification Process Domestic AIFs Please see 2.1.2 Common Process for Setting Up Investment Funds ; 2.3.5 Rules Concerning Pre-Marketing of Alternative Funds ; and 2.3.6 Rules Concerning Marketing of Alternative Funds . GIFT Funds Please see 2.1.2 Common Process for Setting Up Investment Funds ; 2.3.5 Rules Concerning Pre-Marketing of Alternative Funds ; and 2.3.6 Rules Concerning Marketing of Alternative Funds . 2.3.9 Post-Marketing Ongoing Requirements See 2.3.5 Rules Concerning Pre-Marketing of Alternative Funds and 2.3.6 Rules Concerning Each manager of a Domestic AIF must designate a staff member to address investor grievances. SCORES (SEBI Complaints Redressal System) If the investor remains dissatisfied with the response or resolution provided by the AIF, they can file a complaint on SCORES, the SEBI’s online grievance redress platform. ODR (Online Dispute Resolution) Portal The ODR platform was set up to allow online conciliation and arbitration for resolution of dis - putes in the Indian Securities Market. Any inves - tor may raise a dispute on this portal to seek online dispute resolution. Marketing of Alternative Funds . 2.3.10 Investor Protection Rules Domestic AIFs
To ensure investor protection, the AIF Regula - tions require that approval be sought from a specified percentage of investors for certain decisions such as, among others, in specie dis - tributions, early wind-up, term extension, trans - actions with associates and change of invest - ment strategy. AIF Regulations also lay down a strict code of conduct for Domestic AIFs, trustees, manag - ers, key management personnel, and members of investment committees, ensuring high stand - ards of governance and further protecting inves - Investor protection norms similar to those appli - cable to Domestic AIFs have been established under the FM Regulations and circulars issued by the IFSCA for GIFT Funds. 2.3.11 Approach of the Regulator Domestic AIFs The SEBI has developed the SI Portal, which can be accessed for all relevant registration and post-registration activities under the AIF Regula - tions. The SEBI also offers an Informal Guidance Scheme under which investors, market interme - diaries or other entities can seek guidance on any regulatory matters for a fee. Meetings may be possible, depending on con - text. GIFT Funds An approach to that of the SEBI has been adopt - ed by IFSCA officials. Meetings with IFSCA offi - cials are possible. tor interests. GIFT Funds
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