Chapter III-D · Migrated Venture Capital Funds
Regulation 19AF
Tenure
Chapter III-D · Migrated Venture Capital Funds
SEBI (Alternative Investment Funds) Regulations, 2012
In plain English
In plain English
The tenure of a migrated venture capital fund is calculated as SEBI specifies. It can be extended by up to two years with the approval of two-thirds of unit holders by value of their investment, subject to the further conditions in this regulation.
Where this sits
Regulation 19AF is in Chapter III-D — Migrated Venture Capital Funds of the SEBI (Alternative Investment Funds) Regulations, 2012.
Provisos, explanations and conditions
Quoted from the regulation text. These qualify or carve out exceptions to the main rule.
Provided that sub-regulation (9A) of regulation 29 shall not be applicable to a migrated venture capital fund or the scheme of the migrated venture capital fund.
Provided that the registration as migrated venture capital fund granted under regulation 19X of these regulations and the additional liquidation period granted under sub-regulation (4) of this regulation shall be without prejudice to the issuance of any direction or measures in accordance with the provision of the Act and regulations framed thereunder.
What changed
No change to this regulation by the 2026 amendments (No. 303 of 16 April 2026 and No. 313 of 10 July 2026).
Where it connects
Provisions this regulation refers to
Chapter
Check yourself
1 practice question on Regulation 19AF, each with an explanation for every option.
- By how much can the tenure of a migrated venture capital fund be extended?
The regulation
19AF. (1) The tenure of a migrated venture capital fund shall be calculated in the manner as may be specified by the Board.
(2) Extension of the tenure of a migrated venture capital fund may be permitted up to two years subject to the approval of two-thirds of the unit holders by value of their investment in the migrated venture capital fund.
(3) In the absence of consent of the unit holders under sub-regulation (2) or upon expiry of the extended tenure, the migrated venture capital fund or the scheme of the migrated venture capital fund shall be wound up in accordance with Regulation 29 of these regulations:
Provided that sub-regulation (9A) of regulation 29 shall not be applicable to a migrated venture capital fund or the scheme of the migrated venture capital fund.
(4) If the assets of a scheme of a venture capital fund registered under the Securities and Exchange Board of India (Venture Capital Regulations) 1996, are not liquidated after the expiry of its tenure in terms of sub-regulation (2) of regulation 24 of Securities and Exchange Board of India (Venture Capital Regulations), 1996 prior to the date of application for registration under this Chapter, and the venture capital fund has been granted registration as a migrated venture capital fund under these regulations, then such schemes of the migrated venture capital fund may be granted additional liquidation period, subject to conditions and in the manner as may be specified by the Board:
Provided that the registration as migrated venture capital fund granted under regulation 19X of these regulations and the additional liquidation period granted under sub-regulation (4) of this regulation shall be without prejudice to the issuance of any direction or measures in accordance with the provision of the Act and regulations framed thereunder.
Text from the consolidated Regulations. Square brackets and [***] mark earlier amendments and omissions, as in the official text. Check the official Gazette text before relying on it.
Last checked against source on 10 October 2026: consolidated Regulations to 19 November 2025, read with Amendment Regulations No. 303 (16 April 2026) and No. 313 (10 July 2026).
Source and verification
- Instrument
- SEBI (Alternative Investment Funds) Regulations, 2012 — Regulation 19AF
- Text used
- Consolidated Regulations as amended up to 19 November 2025, read with the 2026 amendments (no change to this regulation)
- Last checked
- 10 October 2026
- Official source
- www.sebi.gov.in → Legal → Regulations. The Gazette text prevails.
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