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SEBI orders winding up of Cinema Capital Venture Fund, bans key execs for three years

VCCircle

VCCircle · 3m ago

SEBI orders winding up of Cinema Capital Venture Fund, bans key execs for three years

The Securities and Exchange Board of India (SEBI) has ordered the winding up of Cinema Capital Venture Fund within three months due to non-compliance in returning money to its investors after ten years. SEBI found the fund violated regulations, engaged in unfair practices, and failed to liquidate assets. Consequently, key executives are banned from working with SEBI-registered entities for three years and face financial penalties for various violations. The fund's efforts to liquidate were deemed insufficient.

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Omnivore pays Rs 14.62 L to settle SEBI action on delayed fund winding

YourStory

YourStory · 2m ago

Omnivore pays Rs 14.62 L to settle SEBI action on delayed fund winding

Omnivore India Capital Trust and Omnivore Capital Management Advisors have settled with SEBI over a delayed winding up of their venture capital fund by paying Rs 14.62 lakh. SEBI accepted their settlement application, thus preventing any enforcement action for regulatory violations. The fund was supposed to divest within three months post its 10-year tenure but delayed by eight months, breaching Venture Capital Fund and Alternative Investment Fund rules.

Investors of CIG Realty Fund move SAT against trustees for ‘breach of trust’

Livemint

Livemint · 1y ago

Investors of CIG Realty Fund move SAT against trustees for ‘breach of trust’

Investors in CIG Realty Fund have filed a complaint with the Securities Appellate Tribunal (SAT) against the fund's trustees, alleging breach of contract. The investors claim that the schemes offered by the fund were wrongfully extended beyond the permitted time, causing inconvenience. The fund was registered as a venture capital fund in 2005 and investors have collectively invested around ₹650 crore. The SAT will take up the matter on 26 July. The trustees of the fund had previously challenged an order by the Securities and Exchange Board of India (Sebi) to winding up the schemes.

Former Omidyar, TPG execs wind up VC firm as fundraising stalls

VCCircle

VCCircle · 1y ago

Former Omidyar, TPG execs wind up VC firm as fundraising stalls

A venture capital firm started by ex-executives of Omidyar Network India and TPG Growth has shut down due to difficulties in raising funds. The firm had obtained a licence from SEBI in 2021 to operate as an alternative investment fund. Despite this, fundraising efforts proved unsuccessful, leading to the eventual wind-up of the business.

AIFs, KMPs Need To Carry Out Due Diligence Of Investors, Investments

Inc42 · 1y ago

AIFs, KMPs Need To Carry Out Due Diligence Of Investors, Investments

The Securities and Exchange Board of India (SEBI) has announced that alternative investment funds (AIFs), AIF managers, and their key management personnel (KMPs) will be required to conduct due diligence on their investors and investments. This measure aims to prevent AIFs from evading regulatory requirements set by financial sector regulators. SEBI believes that implementing these due diligence requirements will ensure compliance and enable the introduction of other ease of doing business measures for AIFs. Additionally, SEBI approved a proposal allowing AIFs to handle unliquidated investments during the winding-up process.

Investcorp settles rule violation case with SEBI for India real estate fund

VCCircle

VCCircle · 5m ago

Investcorp settles rule violation case with SEBI for India real estate fund

Investcorp, a Bahrain-based asset manager, settled a case with SEBI regarding violations of alternative investment fund regulations. The case involved the delayed winding up and liquidation of the Investcorp Real Estate Yield Fund. The firm, alongside four current and former executives, paid Rs 25.5 lakh to resolve the issue, which related to exceeding regulatory deadlines. Investcorp entered the Indian market in 2019 through IDFC Alternatives' acquisition, managing diverse investments, including real estate and private equity.

Former 100X.VC partners launch early-stage fund, target raising Rs 250 crore corpus

Economic Times

Economic Times · 3m ago

Former 100X.VC partners launch early-stage fund, target raising Rs 250 crore corpus

Venture capital firm 247VC, founded by Yagnesh Sanghrajka and Shashank Randev, has launched its first India-focussed fund with a base corpus of Rs 200 crore, plus a green shoe option of Rs 50 crore. Registered as a Category II Alternative Investment Fund with SEBI, it targets startups in sectors like consumption, enterprise tech, deep tech, and Industry 5.0. Over three years, 247VC plans to invest in around 30 startups, averaging Rs 7 crore per investment.

What’s the game plan of life sciences VC fund floated by Actis-owned firm's execs?

VCCircle

VCCircle · 8m ago

What’s the game plan of life sciences VC fund floated by Actis-owned firm's execs?

Three executives from Rx Propellant, a life sciences infrastructure provider owned by Actis, have launched a venture capital fund to invest in biotech startups. Vishal Goel and Jasmeet Chhabra, with a background in real estate investments, have joined forces with a former RX Proellant executive to form the new fund. The focus of the fund will be on supporting innovation in the biotech sector.

PVR Inox to expand premium and luxury cinema formats

Livemint

Livemint · 1y ago

PVR Inox to expand premium and luxury cinema formats

Multiplex chain PVR Inox plans to expand its premium and luxury cinema formats, aiming for them to make up nearly 14% of its portfolio. The company recently launched its second Maison cinema in Mumbai, offering two Insignia screens, one IMAX screen, three premiere screens, and a bar and lounge. PVR Inox offers premium formats such as IMAX, 4DX, and LUXE in its 1,711 screens. The company is also working on introducing premium formats in tier-two and three cities.

SoftBank, TPG-backed FirstCry set to withdraw IPO papers after SEBI scrutiny

VCCircle

VCCircle · 1y ago

SoftBank, TPG-backed FirstCry set to withdraw IPO papers after SEBI scrutiny

FirstCry, an Indian retailer backed by SoftBank and TPG, is expected to withdraw its IPO papers after India's market regulator raised concerns over key metrics disclosed to investors. FirstCry sells baby products and had planned to raise up to $500 million through its IPO. However, the Securities and Exchange Board of India (SEBI) recently informed the company that it had not complied with regulations requiring the sharing of key business metrics from the past three years. FirstCry will now make changes and refile its IPO papers at a later date.

Equirus onboards new venture partner for maiden VC fund

VCCircle

VCCircle · 1y ago

Equirus onboards new venture partner for maiden VC fund

Equirus Capital has appointed Krishna Jha, founder of ITFinity and angel investor, as a venture partner for its InnovateX Fund. The fund, with a total capital of $25m, seeks to make strategic investments across sectors such as SaaS, fintech, and deeptech. Jha will play a key role in expanding Equirus' presence in the venture capital and wealth management sectors, and will be responsible for driving the growth of the fund's portfolio. This appointment comes two months after Equirus received approval from SEBI to launch its maiden venture capital fund.

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