RBI releases revised preliminary criterios for investments de bancos en AIFs.

On May 19, the Reserve Bank of India (RBI) published revised preliminary guidelines for the investment of entities reguladas in Alternative Investment Funds (AIF), asking for public feedback until June 8. Esto sigue la observación de la RBI de que sus regulaciones han instaurado estricta disciplina financiera entre las entidades bancarias respecto a their inversiones en AIFs. The Securities and Exchange Board of India (SEBI) has también estipulado directrices que demandan, entre otras cosas, específica supervisión en relación a investors y a investments de AIFs, con el objetivo de prevenir la violación de normativas, RBI announced in a comunicado. New estándares Conforme a las nuevas normas propuestas por la RBI, a contribution de a única regulada entidad (RE) a cualquier AIF scheme shall be limitada a 10 percent de su corpus. En conjunto, se aplicará un límite de 15 percent para la inversión de todos los REs en un proyecto AIF. On May 19, 2025, the Reserve Bank of India (RBI) published revised preliminary guidelines for investments by regulated entities (REs) in Alternative Investment Funds (AIFs). These updated guidelines are part of the RBI's ongoing efforts to strengthen financial discipline among regulated financial institutions, such as banks and non-banking financial companies (NBFCs), when it comes to investing in AIFs. The new standards are designed to ensure that these investments are made responsibly while minimizing risks to the financial system. Under the revised rules, a single RE’s contribution to any AIF scheme will be limited to 10% of its corpus. Additionally, the total combined investment of all REs in a single AIF project will be capped at 15%. This limitation aims to prevent excessive concentration of investments in a single fund and to ensure a more diversified investment approach. The guidelines also introduce provisions for investments involving linked companies, requiring full provisions to be made for any investments exceeding 5% of the corpus in such AIFs. These measures follow the RBI’s previous restrictions, which prohibited REs from investing in AIFs that had exposure to their own borrowers. The new guidelines are seen as a response to the need for financial stability, as the RBI has noted that the previous regulations have instilled stricter financial discipline among the entities involved in AIF investments. However, the updated rules also provide more flexibility for REs, which was seen as necessary to maintain the flow of capital into AIFs without compromising regulatory oversight. The RBI has invited public feedback on these guidelines until June 8, 2025. This feedback will be reviewed before the final guidelines are issued. The central bank aims to strike a balance between promoting responsible investment practices and ensuring that financial institutions can continue to engage in AIF investments in a manner that is both secure and beneficial for the broader financial system.