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| Considering the recommendations of "Alternative Investment Policy Advisory Committee" ("AIPAC") and public comments thereon, the SEBI Board has approved following amendments to SEBI (Alternative Investment Funds) Regulations, 2012 with respect to ‘Angel Funds’: |
| • | The upper limit for number of angel investors in a scheme is increased from 49 to 200. |
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| • | The definition of start-up for Angel Funds investments be similar to definition of DIPP as given in their start-up policy. Accordingly, Angel Funds will be allowed to invest in start-ups incorporated within five years, which was earlier 3 years. |
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| • | The requirements of minimum investment amount by an Angel Fund in any venture capital undertaking is reduced from Rs. 50 lakhs to Rs. 25 lakhs. |
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| • | The lock-in requirements of investment made by Angel Funds in the venture capital undertaking is reduced from 3 years to 1 year. |
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| • | Angel Funds are allowed to invest in overseas venture capital undertakings upto 25% of their investible corpus in line with other AIFs. |
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