India Reviewing 20 Hedge Fund Applications

Sep 25 2012 | 11:52am ET

Indian regulators are considering at least 20 applications to launch hedge funds in the world's second-largest country, just two months after approving its first.

The Security and Exchange Board of India gave its blessing to seven hedge funds in July and August; the regulator unveiled new alternative investments regulations in April.

According to the latest data from SEBI, 20 applications were pending as of the end of last month. Fifteen of those are "being processed," while the regulator has asked for more information from five others.

The funds whose registration applications are being processed are the CapAleph Indian Millenium Fund, DSP BlackRock, HDFC AMC Real Estate, India Advantage Fund, India Realty Fund, Kedaara Capital, Kotak Alternative Opportunities Fund, Real Estate Opportunities Trust and Start-up Village Fund.

The five SEBI cited for "incomplete information" are CapAleph Indian Millenium Private Equity Fund, DARC MentorCap Film Fund, IIFL Opportunities Fund, IIFL Private Equity Fund and L&T Infra Investment Partners.

Prior to the new rules, hedge funds in India were unregulated. It imposes a 1,000-investor limit, a 10 million rupee (US$188,000) minimum investment requirement and a minimum size of 200 million rupees (US$3.8 million).


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