Government Changes Rules For AIFs Funded Under INR 10,000 Cr Fund Of Fund For Startups

The Union Cabinet, chaired by PM Narendra Modi, approved the establishment of the “Fund of Funds for Startups” (FFS) by the Small Industries Development Bank of India (SIDBI), in June 2016. This fund was sanctioned for contribution to various Alternative Investment Funds (AIF) registered with the Securities and Exchange Board of India (SEBI). These AIFs were to extend funding support to startups and the move was in line with the Start Up India Action Plan unveiled by the Government in January 2016.

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