Markets regulator Sebi on Thursday released an operational framework for a green channel mechanism, GARUDA, to simplify and speed up the launch of schemes by Alternative Investment Funds (AIFs).
The operational framework for the 'Green-Channel: AIF Rollout Upon Document Acknowledgement' (GARUDA) mechanism followed amendments to the Sebi (Alternative Investment Funds) Regulations, 2012, notified earlier this month.
Under the revised framework, AIFs launching regular schemes can proceed with the launch 10 working days after filing the Placement Memorandum (PPM) with Sebi through a registered merchant banker, unless otherwise advised by the regulator, Sebi said in its circular.
For first-time schemes, launches can commence from the date of Sebi registration or after the 10-working-day period from filing the application, whichever is later.
The regulator has also prescribed a streamlined process for Accredited Investor-only (AI-only) funds, Large Value Funds (LVFs) and Angel Funds.
