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Capital Call
February 2024
IVCA Conclave 2024 Website

Join the conversations shaping the future of alternate investments in India.

Highlights

Advocacy

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Highlights

IVCA Circles - Bangalore Edition

IVCA Circles Bangalore Edition marked a significant milestone in our journey towards fostering knowledge exchange and collaboration within the alternate investment community. This edition witnessed the participation of over 100 delegates, making it a melting pot of insightful dialogues, forward-thinking ideas, and unparalleled networking opportunities. We extend our deepest gratitude to our speakers for their invaluable contributions. Special thanks to our keynote speaker, Shri B V Jagadeesh, and our esteemed panelists, who enriched the event with their expertise and perspectives on pivotal topics such as DeepTech opportunities and the dynamics of India's D2C economy. Their insights not only sparked meaningful discussions but also laid the groundwork for future collaborations and industry growth. The enthusiasm and engagement of our attendees were the heartbeat of the event, bringing energy and vibrancy to every session.

Consumer Special Interest Group (SIG) Meeting

IVCA convened the inaugural Consumer Special Interest Group (SIG) meeting alongside the IVCA Circles Bangalore Edition. The meeting saw participation from industry leaders across various firms, including Invest India, EY Parthenon, JSA, Alteria Capital, Stride Ventures, India Quotient, Blume Ventures, 3one4 Capital, Multiply Ventures, Unilever Ventures, and more. Discussions spanned critical areas such as education, governance, market expansion strategies, regulatory challenges, and consumer trust, with a special focus on the Beauty and Personal Care sub-sector. These initiatives aim to bolster investment and innovation across India's consumer sector, reflecting a collective endeavor to support the industry's growth.

Startup Angel Workshop, Mumbai

IVCA in partnership with Startup India, marked a significant achievement in India's alternate investment landscape with the successful conduct of the Startup Angel Program in Mumbai. The worlshop attracted over 70 angel investors, high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), Family Offices, and incubators, all keen on advancing their journey in angel investing.

Keynote insights were shared by Smt. Nidhi Choudhari, I.A.S, Commissioner of Skill Development and CEO of Maharashtra State Innovation Society, underscoring IVCA's efforts in bolstering the alternate investment ecosystem. The workshop featured sessions and panels by seasoned investors, offering a blend of foundational knowledge and insights from their investment journeys, striking a chord with the attendees' aspirations for expertise.

Amrit Kaal Dialogues by IVCA

IVCA launched the 'Amrit Kaal Dialogues,' an initiative aimed at fostering substantive collaboration between the Government of India and the alternate capital industry. The inaugural session featured Shri Sanjeet Singh, Senior Advisor, NITI Aayog, offering insights on 'Modernising Trade: Investing in Disruptive Technologies and Startups.' Through this dialogue series, IVCA aims to align the dynamic capabilities of its members with the strategic vision of the government, thereby supporting India's ambition to become a developed nation by its 100th year of independence. The session with Shri Sanjeet Singh marked a significant step in this collaborative journey, reflecting a shared commitment to driving India's economic progress.

GCV Connect, Bangalore

IVCA, in partnership with GCV-TDK, supported the GCV Connect event held in Bangalore. This gathering of minds brought together approximately 100 key stakeholders from the venture capital and corporate venture capital (CVC) domains. The event offered a unique platform for networking, with participants engaging with over 150 industry professionals, including corporates and CVCs. It provided an opportunity to exchange ideas, foster new relationships, and gain insights into the latest trends and strategies in the investment landscape. Attendees benefited from a series of engaging panel discussions and keynotes delivered by leading figures in the investment world.

Advocacy

The 29th SEBI AIPAC Meeting convened to address the following agenda items: (i) Providing flexibility to Alternative Investment Funds (AIFs) in handling unliquidated investments within the same scheme (referred to as the 'Original Scheme') as opposed to the current requirement of launching a new scheme (referred to as the 'Liquidation Scheme'). Post the AIPAC meeting, SEBI issued a consultation paper on AIFs' management of unliquidated investments, to which IVCA submitted comments.

(ii) Change in methodology/approach within the valuation norms as specified in MF Regulations or IPEV guidelines or any guidelines specified by the industry association in terms of AIF Regulations shall not to be construed as 'Material Change'. However, in such cases, the valuation of the investments carried out as per both methodologies/approaches (i.e., old and new) shall be disclosed to the investors. This proposal was approved by the AIPAC

The IVCA President participated in a meeting organized by SIDBI in the presence of the Joint Secretary of DPIIT to discuss on the imminent issues arising in AIF space on account of RBI circular dated December 19, 2023 titled “Investments in Alternative Investment Funds (AIFs)”, to suitably put forth to RBI, the concerns of industry on various aspects / effects of the circular on the VC space and Startup Ecosystem in particular

The Standard Setting Forum for Alternative Investment Funds (SFA) had their 3rd meeting chaired by Shri S. Ramann to discuss few agenda items 1. Note aimed to address the guidelines for excusing or excluding an investor from an AIF investment, specifically focusing on circumstances leading to a material adverse effect on the scheme of the AIF 2.Implementation Standards to Credit AIF Units to Escrow Aggregate Demat Account 3.Note on Instances of Regulatory Arbitrage 4.Circular on Valuation

IVCA submitted Note to address the guidelines for excusing or excluding an investor from an AIF investment, specifically focusing on circumstances leading to a material adverse effect on the scheme of the AIF

Submission of Note to SEBI having Comments on the Implementation standards to be adopted for compliance with SEBI circular on Demat of AIF Units

IVCA submitted representation on Show cause notices issued by SEBI to AIFs and venture capital fund(s) (“VCF”) in relation to extension of the term of the AIF/VCF

IVCA submitted representation on Highlighting the Un-intended effects of Infra companies being categorized as NBFCs – submission to DEA

IVCA submitted representation on Additional Tax on Infrastructure companies impacting reinvestment in new infrastructure projects to Revenue Secretary, Department of Revenue

IVCA submitted a note on Deep tech Fund of fund paper to SIDBI & DPIIT requesting for a dedicated corpus allocated by the Government for investing in entities engaged in the Deep-Tech sector

IVCA has formed an internal Valuation Committee to finalize the consolidated guidance note on the IPEV framework. This initiative is in response to the directive issued by the SEBI through its circular mandating to follow IPEV guidelines

Click here to view the complete list of advocacy submissions made by IVCA.

IVCA In News

The IVCA January news coverage was driven by our members who participated in several media stories and shared their expert comments on trends-based articles.


Some of the top stories of the month are:

IVCA participated in the cover story for Business Today magazine. The January issue highlighted on how across the Indian start-up ecosystem 'profitability' is the new buzzword. Chastened by earlier setbacks, both VCs and start-ups are realizing that the path to profitability is the only route to survival: start-ups must have a clear profitability game plan and be sustainable and saleable. To read, click here.

Organized a special discussion on CNBC TV-18 hosted by Shereen Bhan. On the account of the interim Budget, Ashley Menzes represented IVCA’s top concerns relate to taxation rates and investment in alternate investment funds (AIFs). Additionally, highlighted IVCA's optimistic view on the interim budget will provide clarity on rules related to tax collection at the source for the sale of goods. To watch the entire episode, click here.

The circular from IVCA, which addresses important timelines and procedures related to the crediting of funds to demat and aggregate escrow demat accounts, is very significant for all AIF managers and was issued to the media. To read more, click here..

Organized a special discussion with CNBC Awaaz on social impact and climate sector investments. Representing IVCA was Vineet Rai where he lend some insights on plastic recycling and how India is at the forefront of sustainable development and impact generation. To watch more, click here.

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