Section 19E in Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
19E. Schemes.
- [(1) The angel fund may launch schemes subject to filing of a term sheet with the Board, containing material information regarding the scheme, in the format and time period as may be specified by the Board.] [[Substituted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the substitution, it read as 'The angel fund may launch schemes subject to filing of a scheme memorandum at least ten working days prior to launch of the scheme with the Board:Provided that payment of scheme fees shall not apply to schemes launched by angel funds.'.]](2)[ ***] [Omitted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the omission, it read as '(2) Such scheme memorandum shall contain all material information about the investments proposed under such scheme.'](3)[ ***] [Omitted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the omission, it read as '(3) The Board may communicate its comments, if any, to the applicant prior to launch of the Scheme and the applicant shall incorporate the comments in the scheme memorandum prior to launch of the scheme.'](2)[] [Substituted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the substitution, it read as '(4)'] No scheme of the angel fund shall have more than [two hundred] [Substituted for the words 'forty nine' by the SEBI (Alternative Investment Funds) (Amendment) Regulations, 2016, w.e.f. 04-01-2017.] angel investors.[Provided that the provisions of the Companies Act, 2013 shall apply to the Angel Fund, if it is formed as a company.] [Inserted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018.]
