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Alternative Market Briefing

First domestic hedge fund launched in India

Monday, August 20, 2012

From Precy Dumlao, Opalesque Asia – India saw its first domestic hedge fund launch as the state regulator, the Securities and Exchange Board of India (SEBI), approved the license of Mumbai-based Forefront Alternative Investment Trust, Financial Chronicle reported.

Under SEBI’s new alternative investment funds rules, Forefront was placed in Category-III, a segment reserved for hedge funds.

Category III alternative investment funds (AIF) can use "diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives," as prescribed under Sebi rules.

"For the purpose of this clause, alternative investment funds such as hedge funds or funds that trade with a view to making short-term returns or such other funds that are open ended and for which no specific incentives or concessions are given by the government or any other regulator shall be included," Sebi said in a statement.

Last week, six other firms registered with SEBI as AIFs, VCCircle.com reported, following the regulator’s May notification regarding rules on various investment firms, such as private equity, venture capital and hedge funds.

Three registered as Category I AIF (one is infrastructure, two are venture capital f......................

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