The provisions relating to "Special Situation Fund (SSF)" has been notified by SEBI vide SEBI (Alternative Investment Funds) (Amendment) Regulations, 2022. Explain the above referred provision in view of requirement with

CS Professional · Corporate Funding & Listings in Stock Exchanges · PYQS · December 2022
The provisions relating to "Special Situation Fund (SSF)" has been notified by SEBI vide SEBI (Alternative Investment Funds) (Amendment) Regulations, 2022. Explain the above referred provision in view of requirement with regard to minimum corpus funds for each scheme of SSF and minimum investment required by different types of investors of SSF.

Answer & Explanation:

Special situation fund means a Category 1 Alternative Investment Fund that invests in special situation assets in accordance with its investment objectives and may act as a resolution applicant under the Insolvency and Bankruptcy Code, 2016. Each scheme of Special Situation Fund (SSF) shall have a corpus of at least ₹ 100 crore. SSF shall accept an investment of value not less than ₹ 10 crore from an investor. In case of an accredited investor, the SSF shall accept an investment of value not less than ₹ 5 crore. Further, in case of investors who are employees or directors of the SSF or employees or directors of the manager of the SSF, the minimum value of investment shall be ₹ 25 lakhs.

Topics: Alternative Investment Funds (AIFs)

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