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Jul 29, 2025

RBI Plans to Revise Directions on Investments by Regulated Entities in AIFs

The RBI had previously issued Circulars dated December 19, 2023, and March 27, 2024, prescribing regulatory guidelines for investment by its REs, such as banks and non-banking financial companies (‘NBFCs’) in AIFs (collectively referred to as ‘RBI-AIF Guidelines’). On April 21, 2025, RBI has released a draft framework proposing following amendments to the RBI-AIF Guidelines:

i.    RE’s investment individually to be capped at 10% of corpus, and all REs collectively at 15%; and

ii.   In case of an RE contributing more than 5% of corpus of an AIF, which also has downstream investment (excluding equity instruments) in a debtor company of the RE, such RE will be required to make 100% provision to the extent of its pro rata share in the investment by such AIF in the debtor company.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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