The Securities and Exchange Board of India (“SEBI”) had vide its earlier circular dated March 23, 2020 (“Earlier Circular”) extended the validity period of observation letter issued by SEBI for launch of all New Fund Offers (“NFOs”) from 6 (six) months to 1 (one) year from the date of the observation letter issued by SEBI.
In regard to above, SEBI has now vide its circular dated December 22, 2021 (“Circular”) restored the validity period of observation letter issued by SEBI to 6 (six) months to launch NFOs.
However, please note for all schemes (NFOs) where SEBI has already issued observation letter and the NFOs are yet to be launched, the schemes will be launched within 1 (one) year from the date of the observation letter issued by SEBI.
This update has been contributed by Nidhi Arya (Partner) and Swaraj Narula (Senior Associate).
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