Eligibility Criteria for registration of AIF Registration, Legal Requirement for AIF Registration

A. Charter document like MOA or Trust Deed or Partnership Deed shall have clauses pertaining to carrying on the activity as an Alternative Investment Fund

B. In case of a trust or partnership firm, the respective Trust Deed or Partnership Deed shall be registered with the respective registrar in accordance with the applicable laws

C. The charter document shall contain provisions prohibiting an invitation to the public to subscribe to its securities

D. The Applicant, Sponsor and Manager shall be “fit and proper” as prescribed in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008

E. The members of the key investment team of the investment manager of the Alternative Investment Fund shall possess adequate experience and shall comprise of at least 1 (one) key personnel having a minimum of 5 years of relevant experience

F. Manager & Sponsor of an AIF shall possess the necessary infrastructure and manpower to discharge its activities

G. The Applicant shall clearly describe the objectives of investment, the strategy of investment, proposed corpus of the Fund, its tenure and targeted investors.

H. An AIF should have a minimum corpus of at least Rs. 20 crores (For an Angel Fund, the minimum corpus has been placed at INR 5 crores)

I. The minimum amount of investment to be brought in by every investor in an Alternative Investment Fund should be INR 1 crore. However, the minimum investment by an investor is prescribed at INR 25 lakhs for Angel Fund.

 J. An AIF scheme cannot have more than 1000 investors whereas an Angel Fund cannot have more than 200 investors

 K. Units of an Alternative Investment Fund may be listed on stock exchange only after final closure of the fund or scheme, subject to minimum tradable lots of INR 1 crore.

Process of getting PCI-DSS

It is a systematic step-wise process to get a PCI DSS for your business.

A. Assessment of Business Level- Your first job is to analyze where you are right now. For different businesses, there are different security standards based on how you handle customer transactions, how you handle data, what credit card companies and banks you work with, and how much volume you handle.

Various companies have different standards here, such as MasterCard's and Visa's, which describe four and five corporate Levels, respectively. Analyze where you are coming from and how your business is described in the general standards of PCI, so you are ready for the next steps.

B. Self-Assessment Questionnaire- The self-assessment questionnaire (SAQ) is a relatively painless guide that can be used to assess your current level of compliance. Actually, there are nine different versions of the SAQ guide, but don't let that scare you.

These versions are available for different types of business, so you'll need only a book that applies to your business. When you have it, the guide is going to walk you About a dozen different requirements, and for each of them, you'll answer "yes," "no," or "N / A." This will help you identify the missing parts of your company's payment security.

C. Changes if any- after the self - assessment questionnaire (SAQ) is filled if any shortcomings on compliance it needs to be corrected after necessary correction  SAQ is filled again.

D. Formal Attestation of compliance - Once you are done with SAQ you need to file formal Attestation of compliance.

This is a legal formality which states that your business is fully compliant with PCI Standards.

E. Audit- Once you are done with AOC you can have the process audit and have a report made on your process only to file paperwork and get a PCI DSS.

F. Filing- Paperwork is filed with your credit card/debit card/ bank you will need to submit your SAQ and AOC along with it once filed you will be PCI DSS within few days.

Real Estate Regulatory Authority Registration - RERA Registration 

In India, the real estate sector plays an important role in meeting the housing and infrastructure growth needs and demands. Although this sector has developed rapidly in recent years, it has been largely unregulated, given the absence of professionalism and standardization in India where there is a state apartment act. The lack of effective consumer protection system culminated in the unscrupulous builders abusing and profiting. The Real Estate Act will thus protect buyers 'interests and will also give the sector much-needed impetus.

The Real Estate (Regulation and Development) Act, 2016 introduced to register residential real estate projects with a view to creating regulatory authorities at the state level and seeks to regulate contracts between buyers and sellers in the real estate sector to ensure effective and transparent selling of plots, apartments or buildings, etc. It also recommends ensuring greater transparency to customers and considerably reducing fraud and delays, as well as the current high transaction costs.

It seeks to balance the needs of both, by imposing those duties on buyers and promoters. It seeks to create the following:

• ease of communication between the Promoter and the Purchaser;

• the high degree of contractual terms transparency;

• set minimum accountability standards; and

• fast-track process for dispute resolution.

Benefits of registration

➲ Registered project or agent will bond under-delivery timeline

As per the bill, developers will be governed by strict regulations to ensure that construction runs on time, and flats are delivered on a specified date.

➲ Registered projects and agent will provide true and accurate detail

As per the bill, there can’t be changes to the registered plan

➲ Registered project or agent bonds to the built project in the proper structure

➲ No project can be advertised without RERA registration

➲ The amount to be paid by the buyer has been reduced from 20% to 10%