TAILIEUCHUNG - CONCEPT PAPER ON PROPOSED ALTERNATIVE INVESTMENT FUNDS REGULATION FOR  PUBLIC COMMENTS 

For the investor types believing that active managers can generate alphas, we nd that the ability to identify superior performing funds is further improved, albeit slightly, by augmenting the four-factor model with country indices, even if these indices represent non-priced factors, consis- tent with Pastor and Stambaugh (2002a). To illustrate, our baseline analysis nds CAPM alpha enhancements of up to 5% per year from using macroeconomic state variables to choose funds, relative to active manager choice using an unconditional CAPM model. Further improvements of up to 1% per year are attained from the tighter predictive distribution for fund alphas obtained using the Pastor-Stambaugh (2002a,b) specication, which, in. | CONCEPT PAPER ON PROPOSED ALTERNATIVE INVESTMENT FUNDS REGULATION FOR PUBLIC COMMENTS A. EXISTING SCENARIO At present Investment Management Regulation is limited to Mutual Fund Regulation CIS Regulations VCF Regulation and Regulation of Portfolio Managers. Mutual Funds and CIS are clearly in the retail segment and are well regulated the regulation of non-retail segment is not on a comprehensive basis. B. WHY COMPREHENSIVE REGULATION FOR PRIVATE POOLS OF CAPITAL ALTERNATIVE INVESTMENT FUNDS IS REQUIRED 1. SEBI Venture Capital Funds Regulations were framed by SEBI in 1996 to encourage funding of entrepreneurs early-stage companies. However it has been found over the years that VCFs are being used as a vehicle for many other funds such as i Private Equity PE ii PIPE Private Investment in Public Equity iii Real Estate While investment objectives of these funds may have valid economic reasons yet this has resulted in a neglect of the original aim of promoting early stage companies as envisaged under VCF Regulations. Secondly because the VCFs are populated by Private Equity PIPE and Real Estate Funds it is not possible to give targeted concessions to VCFs to promote startup or early stage companies as there is clear possibility that the advantages will be reaped by well established listed companies or other mainstream players. At the same time the investment restrictions on VCFs which operate in unlisted space are such that PE and PIPE funds finds it restrictive. Further there are some regulatory concessions needed by PE and PIPE funds and which may not be appropriate for VCFs. For instance there are requests that they should be allowed to invest in secondary markets as well. Recently there have been requests by various PE Funds registered as VCF to give them exemptions from Take over Regulations and Insider Trading Regulations. To sum up VCFs are being used as an omnibus investment fund which leaves most of the private investment funds dissatisfied. 2. Registration of .

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