PE, VC funds form shadow panels amid rules delay
- . In October 2020, Sebi wrote to RBI seeking its view on whether having non-residents on the IC would make the AIF foreign-controlled. The central bank has yet to give its opinion on the matter
NEW DELHI , MUMBAI : Private equity (PE) and venture capital (VC) funds registered as alternative investment funds (AIFs) are forming shadow investment committees (IC) as formal appointments of foreign nationals in such panels have been barred, pending an opinion from the Reserve Bank of India (RBI) about the validity of such hiring, two people familiar with the development said.