Section 19D in Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
19D. Investment in angel funds.
(1)Angel funds shall only raise funds by way of issue of units to angel investors.(2)An angel fund shall have a corpus of at least [five] [Substituted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the substitution, it read as 'ten'.] crore rupees.(3)Angel funds shall accept, up to a maximum period of [five] [Substituted by the SEBI (Alternative Investment Funds)(Amendment) Regulations, 2018, w.e.f. 01-06-2018. Prior to the substitution, it read as 'three'.] years, an investment of not lessthan twenty five lakh rupees from an angel investor.(4)Angel fund shall raise funds through private placement by issue of information memorandum or placement memorandum, by whatever name called.[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.]
