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SEBI Angel Fund Rules Could Help Ease Startup Tax – Capital Mind

The Finance Minister had in his budget speech mentioned that: SEBI will prescribe requirements for angel investor pools by which they can be registered as Category 1 AIF venture capital funds. (Read: Startups in Budget 2013, a Mixed Bag) CNBC has the news that SEBI might announce the requirements on July 25 (speculation): In an exclusive to CNBC-TV18, sources say the Sebi board may announce rules for angel funds on June 25. Some of these rules may include angel fund investment to be limited to Rs 50 lakh- Rs 5 crore; angel funds to be invested in a company for at least three years; angel investors to invest in companies not older than three years; investee company to be unlisted and with a maximum turnover of Rs 25 crore; the investee company may not be related to a group with a revenue of greater than Rs 300 crore. Sources add that the Sebi may also stipulate that the fund must not have any family connection with the investee company and that no angel fund scheme may have more than 49 investors. Note: Cat 1 AIFs already have three sub-categories: Venture Capital Funds Social Funds SME Funds The Angel fund will have to be a separate sub-category. Welcome, Tax-Pass Through Note that AIF regulations means Category 1 funds, VC Sub-Category get a tax pass through, that is, any income made by fund investors will be their income, not that of the fund, which is beneficial for entities based in mauritius or singapore, who don’t…

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