The SEBI has proposed a new regulatory framework named ‘Green Channel: Alternative Investment Funds (AIF) Rollout Upon Document Acknowledgement (GARUDA)’ to accelerate the launch and approval process of AIF schemes in India.
The GARUDA mechanism aims to streamline the processing of Placement Memorandums (PPMs) to facilitate faster fundraising. Under this, the waiting period for Non-Accredited Investor schemes is reduced from 30 days to 10 working days after filing the PPM. Additionally, Angel Funds and Accredited Investor-only schemes can commence fundraising almost immediately after filing their documents with the regulator.