SEBI: Revised Regulatory Framework for Angel Funds

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SEBI’s revised framework for Angel Funds, effective September 2025, mandates raising capital solely from Accredited Investors, with a minimum of five investors before first close within 12 months for the fund setup post the date of circular. Term sheet filings with SEBI are discontinued, replaced by stronger recordkeeping.
Other key changes include a ₹25 crore cap on follow-on investments, reduced lock-in to six months for third-party exits, allowance for overseas investments (subject to SEBI/RBI rules), and mandatory audits and benchmarking once investments exceed ₹100 crore.
Existing Angel Funds must transition by September 2026.

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