The Alternative Investment Fund Regulations

What is an Alternative Investment Fund (AIF)

AIF is an Alternative Investment Fund Regulations privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. AIF may be in the form of a trust or a company or a limited liability partnership or a body corporate.

Why AIF

AIF Regulations endeavor to extend the perimeter of regulation to unregulated funds with a view to ensuring systemic stability, increasing market efficiency, encouraging the formation of new capital and consumer protection.

Who are not covered

Currently, the AIF Regulations do not apply to mutual funds, collective investment schemes, family trusts, ESOP and other employee welfare trusts, holding companies, special purpose vehicles, funds managed by securitisation or reconstruction companies and any such pool of funds which is directly regulated by any other regulator in India.

Categories of AIFs

An AIF needs to seek registration broadly under one of the 3 categories –

Category I AIF: The following are covered under Category I

1. Funds investing in start-up or early stage ventures or social ventures or SMEs or infrastructure

2. Other sectors or areas which the government or regulators consider as socially or economically desirable including the Venture Capital Funds

3. AIFs with positive spillover effects on the economy, for which certain incentives or concessions might be considered by SEBI or Government of India or other regulators in India

Category II AIF: The following are covered under Category II

1. AIFs for which no specific incentives or concessions are given by the government or any other Regulator

2. Which shall not undertake leverage other than to meet day-to-day operational requirements as permitted in these Regulations

3. Which shall include Private Equity Funds, Debt Funds, Fund of Funds and such other funds that are not classified as category I or III

Category III AIF: The following get covered under Category III

1. The AIFs including hedge funds which trade with a view to making short term returns;

2. Which employ diverse or complex trading strategies

3. Which may employ leverage including through investment in listed or unlisted derivatives

Applicability of AIF Regulations to Real Estate Funds

After knowing what an AIF is and its broad categories, we analyse whether AIF Regulations are applicable to the Real Estate Funds

Firstly AIF has to seek registration under AIF Regulations under one of the three categories stated above. Therefore if a Fund does not fall under any of the three categories stated above, then it will not seek the registration with SEBI.

If we look at the Category 1, registration is required by funds which invest in start-up or early stage ventures or social ventures or SMEs or infrastructure

If we look at the definition of infrastructure, Explanation to Regulation 2 (m) states that Infrastructure shall be as defined by the Government of India from time to time.

And in the normal parlance, the term typically refers to the technical structures that support a society, such as roads, water supply, sewers, electrical grids,

telecommunications, and so forth, and can be defined as “the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions.

Therefore infrastructure does not include the real estate or construction activity since this activity deals in investing in land, developing the land by way of construction of flats, townships and other residential and commercial projects.

But if the real estate fund carries on certain projects for a social purpose like purchasing land for charity etc.; then the fund may be covered under social venture funds.

The clause further states that ‘or other sectors or areas which the government or regulators consider as socially or economically desirable and such other Alternative Investment Funds as may be specified;’

The AIF Regulations have been notified just a few days back and till date, no other AIF funds have been specified in the Category 1 by the Government. Further what the government or regulators consider as socially and economically viable is a very broad concept. However, till the Government specifically comes out with specific inclusions under Category 1; a Real Estate Fund will not be covered under Category 1 and therefore would not require Registration.

Further, the clause also states that – Alternative Investment Funds which are generally perceived to have positive spillover effects on economy and for which the Board or Government of India or other regulators in India might consider providing incentives or concessions will bee included

By adding these lines to the Category 1, SEBI has made the category 1 very vague and open to dispute and litigations since what SEBI intends with positive spillover effects on the economy is not defined or clarified. Different people or organizations may have a different opinion on this which would lead to unnecessary litigations and hardships to business owners. However, till any clarity comes on this, the business owners need to take a cautious approach to the decision of seeking Registration under AIF Regulations.

Category II AIF

Now we examine whether a Real Estate Fund falls under the Category II AIF

If we look at the funds covered by Category II above, they

1. Shall not fall in Category I and III

2. Shall not undertake leverage or borrowing other than to meet day-to- day operational requirements and as permitted by these regulations;

3. Shall be funded such as private equity funds or debt funds for which no specific incentives or concessions are given by the government or any other Regulator

For Real Estate Fund under Category I, we notice that at present it does not fall under Category I and it also does not fall under Category III since these are basically hedge funds. Further, no specific incentives or concessions are given by the Government to the Real Estate Sector. Therefore if we look at the applicability of Real Estate Fund under Category II, these funds may fall under the Category II AIFs if they do not take leverage or borrowing except for short-term requirements.

Impact of AIF on the Real Estate Funds

Under these Regulations, the minimum investment amount has to be Rs 1 crore from each investor. Therefore attracting the funds from the investors would become tough for the real estate funds, who used to raise amounts as less as INR 1 million from the investors. Now they would need to find high-value investors though this is not the only challenge that lies ahead for those raising domestic corpuses. They now also have to invest 2.5% of the corpus or Rs 5 crore, whichever is lower, to ensure that the managing company’s risk is aligned with that of the investor. Moreover, a single investment in a company or a project cannot exceed 25% of the entire corpus.

Further a Real Estate Fund registered in the form of an LLP also would be covered under the AIF Regulations. In an LLP Structure, since the investors are also partners, the risk to the rights of the investors being misused is very minimum. Therefore applying the AIF Regulations to the LLP Structure would reduce the flexibility available to such a Structure.

Conclusion

If we look at the AIF Regulations from a short term perspective, in light of the difficult fund raising environment today, the higher ticket size for investors could potentially throw up some challenges and could in a manner constrict the growth of the asset class, but clearly, in the long run, these regulations appear to have an element of maturity to play a pivotal role in the development and shaping up of the future of alternate asset class in India. It is also clear that alternative investments are more sophisticated and risky as compared to investments in equity and debt and till market matures it is advisable that only HNIs and well informed investors make an investment in this asset class and once the market matures it is made open to all. In the long run, we may see more investments in the Alternative asset class (in terms of quantum and maturity) due to the increased investor confidence in these funds.

Bowtrol Colon Cleanse

Bowtrol is an all-natural, non-habit forming colon cleansing treatment that cleans the vital organs and the lymphatic system. Bowtrol’s action is mild and safe. Internal cleansing takes place by stimulating elimination minus the usual pangs and cramps that are characteristic of most cleansers.

One of the most interesting features of Bowtrol is that unlike other cleansers, it is not made up of fiber. Instead, it contains a number of all-natural herbal ingredients like Turkey Rhubarb and Cascara Sagrada that promote better elimination.

Some of the benefits of using Bowtrol colon cleanse are:

– Improved digestion

– Decongests the intestinal tract by flushing out accumulated toxins and eliminating parasites

– Less constipation, indigestion, gas and bloating

– Improved energy levels through better absorption of nutrients

– Aids weight loss

Some of the most common symptoms of ill health due to improper internal purification are constipation, lack of sleep, inertia, exhaustion, indigestion, uncontrolled food cravings, caffeine and drug dependence. Many of the common ailments people suffer from, including but not limited to food allergies, flu, body pain, headaches, respiratory problems and sinuses have their root in improper elimination.

In order to prevent the above conditions, it is necessary to undergo a thorough internal cleansing from time to time. While choosing a product, particular care must be taken. You must select a product that helps you eliminate without any nasty cramps. Eliminations should be regular but non-interfering, meaning that the product should induce only 1-3 eliminations per day. More than that and it begins to interfere with your life and health.

If you have used other colon cleansing products, you’ll be happy to note that Bowtrol colon cleanse is quite different from the rest. For starters, it is non habit forming, which makes it safe for long-term use for the entire family.

Another big plus is that there are absolutely no reports of side effects associated with Bowtrol. No headaches or cramps. All you have to do is identify the number of pills you need to eat (varies between 3-8) in order to have healthy elimination.

The Secrets to Finding an Executive Position While Still Employed

Think Outside the “Networking” Box

There are so many different ways to network today. Nowadays, you don’t have to post your executive resume bio online to get a job. The hidden job market is the best way to go about conducting a secret job search. By networking at professional events or through LinkedIn, you can find out about jobs you didn’t even know were available. Even volunteering or being involved in your community can lead to new opportunities, so being active can move your job search forward as well.

Be Careful When Using LinkedIn

You obviously want to use LinkedIn when searching for a new job. However, updating your setting first is crucial. If you don’t have your LinkedIn settings updated appropriately, your connections may be able to see every change you make. Chances are your co-workers, or even your bosses, may be included in your LinkedIn network. You definitely don’t want them to see your update, your resume, or profile to indicate you’re looking for a new job. When you’re working on your LinkedIn profile development, alter your settings to ensure the wrong people don’t see any changes you’ve made.

Strictly Confidential

It’s important that you keep things under wraps, so to speak, until you are ready to make the move. So you need to keep things confidential. As mentioned, the best executive resume writers know how to effectively make a resume confidential. By using the term “confidential applicant” instead of using your name, you’ll avoid showing up on your current employer’s search for a new candidate. Also, not using your company’s name anywhere on the resume is important. These are just a couple ways you can make your resume private, and a potential employer will understand why you’re doing it.

Don’t Use Company Time

This seems like a no-brainer but needs to be said. Job searches should not be done on company time. If your current boss finds out, there’s a chance you could be fired. And if your potential employer finds out you’re conducting your search on company time, they may think you’ll do the same to them and not offer you a job. Do yourself a favor and only send out your executive resume bio when you’re not on company time.

Professional Resume Services is here to help you conduct a confidential executive job search. We have the best executive resume writers to help you in this area, so you can feel confident sending in your resume to potential employers. Feel free to reach out to us at any time if you need other secrets to pulling off a confidential job search.

Things That Are Expected From a 24 Hour Emergency Doctor

More than the regular doctor who visits a clinic or a hospital, a 24 hour emergency doctor service is essential. Medical emergencies may crop up anytime. These situations are inevitable and irrespective of the nature of the emergency, an immediate helping hand is essential. Numerous hospitals have emergency medical services like a 24 hour emergency doctor service even after the visiting hours. Though any helping hand is welcomed at the time of adversity or an emergency, there a couple of things that are expected from a doctor, regardless the situation at hand.

• Always available: Emergency medical services comprises of two different parts. First is the pre-hospital care given to a patient and this includes the first aid measures taken. It also includes the transportation of the patient from the place of emergency to a hospital for which the ambulance services are used. The second division of the emergency service involves the transfer of the patient from one hospital to another in the case of an emergency or a need of better treatment and care.

• Transparency: A long drag speech in medical jargons and a series of tests and an illegible prescription is not what is expected of a doctor. In the case of an emergency, you need a clear picture of what is happening and not a haphazard answer. A 24 hour emergency doctor is expected to be dedicated and passionate about his work and understands the mental state of not only the patient but also the people with him. Telling what things mean, and what is to be done immediately is well appreciated.

• Respects you and your emotions: An ideal doctor must be able to listen to you actively, your problems and your worries without interrupting and intimidating you. In this busy world, rushed appointments have become a common thing, and it neither benefits the patients nor the doctor. More than respecting your time, it is essential that you are able to connect with your doctor emotionally as well. A certain level of trust and confidence is essential to make things easier for both. A clear idea of the big picture is essential before coming to conclusions and taking a decision.

• Makes decisions with you and not for you: You should always be a part of any decision that is taken for you. An ideal doctor must be able to understand that you know your body and routines better than anyone else. You have the right to ask questions regarding any tests or medicines prescribed to you, and a doctor is answerable to any of your doubts.

• Shouldn’t Keep money in mind: Doctors are one the most respected people in the society. It is a service that requires a lot of ethics, commitment and passion. A doctor cannot be successful if he just money-minded. The life-saving profession should be done as a service and not as a job.

Everything You Need To Know Before Buying a Mobile Home

Mobile homes have an unfair reputation for being low quality or trashy. That just isn’t true. A mobile home is a great way to get your own property, place it anywhere you choose and for less than many more stationary houses tend to cost. It is becoming an increasingly popular option, with variations such as tiny homes and mini cottages becoming a darling of the real estate world.

If you are reading this you are probably considering making a purchase yourself. Before you go shopping for the perfect little place of your own, here are some things you should know.

There Are Many Kinds of Mobile Homes

Mobile homes are not all the same single level family affair that you may be used to. There are multiple styles and types, as the couple mentioned above prove. Tiny houses are miniature homes that attempt to utilize every inch of space, all in a very small package. Mini cottages are similar, though usually one room wood houses with lofts.

There are also multi-level mobile homes. These are less portable, which makes them a mixed bag. But if you are looking to get a manufactured home and you aren’t concerned with being able to move it quite as easily it is definitely a good option.

If portability is your goal there are models that come on wheels, which can be either kept on at all times or slipped under with some tools.

The Cost of Mobile Homes Can Vary Wildly

With so many mobile home styles it probably won’t surprise you that these dwellings don’t come in a standard price range. According to Forbes, the average cost of a tiny house is around $23,000. But the average cost of a single story mobile home is around $64,000. Multi-level manufactured homes can vary, but you can assume between $50 and $100 per square foot.

The varying prices is one reason that it is important to know what it is you are looking for in a home. You should also consider other costs that are associated with your house. The land that you are building it on, for example, or the hook up costs for electricity, plumbing, gas, etc. These may not be built into the price and so require additional installation and fees.

Quality Is a Factor

Not all mobile homes are created equal. In fact, going to the wrong provider can end in some serious headaches. A major storm can topple it over or damage can be done to the exterior, pieces can fall off, etc. It is critical that you find a reputable dealer or construction crew to help you find the right mobile home.

You are looking for quality materials, designs and reputable reviews for who you work with. If you find all three you will wind up with a beautiful, sturdy home.

Manufactured or Prefabricated Homes Are Awesome

These style of houses are fantastic. Not only are they lower cost than from scratch models, but they are easier and faster to put up. A crew as small as two people can construct a manufactured or prefabricated mobile home, using pretty basic tools. Sometimes it can be done in as little as an afternoon.

That is because the pieces are already put together and ready to combine. They have been shipped from the factory with everything needed, to the location you specify. So the people putting it up just have to go through and hook all the parts, from the walls and foundation to the different compartmentalized rooms and features.

Getting a Loan Can Be Tricky

When you are getting a mortgage you go to a bank, right? Most mobile homes won’t qualify under mortgage programs. Instead you have to either go through an official mobile home company that specializes in financing, or you have to go through a credit union that has a loan specifically for this style of house.

The idea is that mobile homes are portable and many people mistake that to mean temporary. They are also lower cost, so there is less profit gained through interest rates. Many banks don’t see the point of funding them.

Thankfully, it isn’t hard to get a loan from one of these specified places. If you have an account with a credit union it is all the better, as that improves your odds of approval and they often have competitive rates.

Location Is Everything

You could have a gorgeous, well crafted, amazing mobile home. But if it is sitting on an ugly lot in the middle of a crowded area, what good it is? You want a location that is central to what you need, but still pretty, functional and offers you whatever you are looking for. Some people choose mobile parks in order to have a neighborhood feel. Others choose more isolated locations where they can enjoy a plot of land.

Whatever works for you, location is a pretty important part of buying your mobile home. It is also a good chunk of what you will be paying for. Renting land is possible, such as in mobile parks. But buying your own ensures you have greater equity in your property. It is a sound investment, even if you plan on uprooting and moving somewhere else. Land is also cheaper than you might expect, depending on the area.

Retail Cost Versus Invoice Cost

Once you know what you are looking for and where you are going, it is time to go to a reputable dealer. When dealing with closing costs make sure you ask to see the invoice cost of the property. If they resist, insist on it or possible go to someone else. This is a better representation of cost without inflation that can come from retail markups.

Don’t let them corner you into telling your budget or what you can pay monthly. Just have them give you flat invoice prices for a described model and then negotiate based off of that price.

The Cybercrimals

The mindset of an individual who would want to attack the computers and networks owned by others is, without question, criminal. The act of intruding upon another confidential personal or business information requires a pre-meditated and calculated act. Its purpose is to inflict financial or personal harm on others by stealing money, denying the use of their information or to gain illegal access to proprietary plans. The cybercriminal is totally cynical and strives to remain in the shadows.

People who attack the information assets of others are on the prowl for system weaknesses to exploit. The prime targets are unsuspecting individuals or businesses that are vulnerable to the attack modes chosen by cybercriminals. They are deceitful and seek the cloak of anonymity.

The true nature of someone who would access, use and exploit your private information is a mixed bag. His or her character is between that of a person who would enjoy searching through your personal items and an employee who would embezzle money from a corporation.

The focus of crackers and hackers is to use their specialized knowledge to encroach upon the private lives of people and organizations. Electronic thieves seek to take advantage of people who are without information needed to fight back and block them. Cyber criminals are true low-life.

Digital bandits are sociopaths who ply their trade without regard to the harmful effects they have on others and truly lack remorse. What’s particularly unsettling about felonious computer whizzes is that they are usually very intelligent. They are without a conscience and enjoy stealing and hurting others.

Computer crooks can be ranked on a scale from “less skilled” to “expert”. Anyone can download basic cracking software from the Internet. The real pros, however, study their targets over time in stealth mode. The highly skilled cracker plans and analyzes the victim to get the maximum effect.

Preying upon unsuspecting users is among the most disturbing behaviors of the PC and mainframe pirates. Most computer users are unaware of how many threats and vulnerabilities that they face when they power-up their computer or go online. Lawless computer users thrive on the ignorance of others.

So how do you fight those who would breach your personal data with the purpose of stealing or hurting you in a variety of different ways? Presume that the bad guys are trying to break into your system. Use your knowledge and security best practices to block them.

You should:

1. Develop a security mindset
2. Assess your risks
3. Use complex passwords and phrases for your system(s)
4. Identify and eliminate common vulnerabilities
5. Routinely update software patches and fixes
6. Probe and test electronic systems
7. Use appropriate security-related hardware and software (e.g. anti-virus software, firewalls)
8. Lock your computer screen when you leave your work area
9. Encrypt and back up all of your data
10. Practice good cyber hygiene (e.g. avoid clicking on email links and attachments)
11. Avoid maintaining a persistent Internet connection

You can defend against those who would try to harm you using digital technology and the Internet. Obstruct the pathways that are followed by lawless information thieves.

New Home Improvement Products Can Create Big Problems For Homeowners

I rarely buy new products that guarantee instant success for home repairs anymore. To be honest with you, I probably purchased over 50 of these items, before finally getting disgusted with myself for wasting so much money on these miserable products.

I’m not about to tell you what types of products these were, I’m just here to get you in the right mind, before you purchase any more of them yourself. If you’re looking at a product that guarantees some sort of plumbing pipe repair, find out if it has any type of guarantee. Can this item be returned if it doesn’t work?

Even if this item works temporarily, will the company who guaranteed it, cover and additional home repair expenses if this product fails in the future? For example, you fix a bathroom water supply pipe and everything looks great, but you leave for work one day, and when you come home half of your house is flooded.

I think you’re starting to get the point here, you purchase these products and they either work or they don’t. It’s like gambling at your local casino. They are painting you an illusion of winning large fortunes, but rarely deliver the product.

Whenever I walk into my local lumber yard, hardware store, home improvement center or large retail department stores, I see these products all over the place. I make jokes to myself and anyone around, but at the same time, I realize that these products wouldn’t be here if they didn’t sell.

I’m just trying to get you to think, before making some of these purchases. There are some products that give you a false illusion and you need to be aware of them.

Seattle Real Estate Agencies

Are you thinking of selling or buying a property in Seattle but do not know where to start? If you are, then you need a Seattle real estate agency to help you in selling or buying your property.

Seattle real estate agencies help find sellers for those who want to buy real estate and help find buyers for those who are trying to sell their real estate. They have real estate agents that assist sellers in marketing their properties to prospective buyers and who are able to sell the property at the highest possible price under the best terms. Real estate agents also help buyers to purchase a property with the best possible price and with a price range reasonable for their budget.

If you plan to sell a property in Seattle, real estate agencies will have your property listed for sale to the public. They will also assist you in preparing the papers that describe the property for marketing purposes. After which, they advertise your property and even put a “for sale” sign on your property that indicates where to contact the real estate agent. In some cases, they hold an open house to show the property to prospective buyers.

On the other hand, if you are a buyer of Seattle real estate, the real estate agencies will find a property in Seattle that will be in accordance with your needs, specifications, and budget. They will take you to some locations of properties that are for sale and give you details of each. However, they will have to show your financial capability to see if you are really financially qualified to buy the property shown.

With all these services provided by Seattle real estate agencies to real estate buyers and sellers, it does make a lot of sense to have one to assist you in your selling and purchasing decision. However, you have to be very careful when choosing a real estate agency because nowadays there are many who operate without the proper license. You have to see to it that the agency has professional real estate agents who obtained a broker’s license.

Printed Pens and Press Releases: Marketing on a Budget

Multi-million marketing budgets probably won’t do a business any harm, but for a small business which is just finding its feet it’s completely unnecessary. There’s plenty of ways of making your modest budget go that bit further, to maximize your potential revenue and ensure that you’re not getting lost in a sea of competitors.

What you need is big budget results on a small budget.

If it works, stick to it

Trial and error isn’t always advisable when it comes to business, but with marketing it often is. Trying lots of different techniques on a small scale will help you clarify which methods work best for your particular industry. Usually these will vary from business to business, but there are lots of more general concepts which can be used in all sorts of industries.

Make sure you inquire how your leads have come across your business. This will help you identify whether your printed pens or your website is working hardest for you. There’s no need to continually trial new, fad marketing styles. These will usually only work for a very short time (and by the time you’ve heard about it, it could well already have run its course).

What we’re saying is don’t write off the traditional physical marketing techniques like brochures and printed pens.

Market for your business

It might sound obvious, but what works for huge brands categorically will not work for your small café in the center of Leeds. Big brands can get away with all sorts that won’t work from small and local businesses.

Keep things simple, and always keep your customers at the front of your mind. Don’t use language which they won’t understand, or try and over-complicate your product or service. Simple, easy to understand concepts sell best because people don’t feel as if you’re trying to manipulate or trick them with language.

If you have several products, produce a brochure for each to keep things very simple.

Promotional marketing

When you attend trade shows or simply when you’re signing contracts, a printed pen is great to have on hand. These are useful resources which all of us will use at least once a day. It means that your key information will always be on hand. If nothing else you should include your logo, your website address, and your telephone number.

Printed pens are incredible value for money, as they have such longevity.

Things to Consider While Building a Custom Home

What though crosses your mind when you hear the word ‘home’? To many, the word ‘home’ signifies dream or rather a dream come true. Home is a safe haven; a place of shelter where you would like to come back after a day out working and toiling hard. So, definitely, the home is something that you would like to be custom- made. Your home would be the ideal expression of your personality, your aspirations, and your life. Construction of a home is something that you would like to be flawless. The essential point is that you should have a proper architectural plan and you should supervise the process with full sincerity and time.

Salient features that you need to keep in mind

In order to make sure that the construction of your home goes on smoothly and you get your desired house built, there are certain points that you need to keep in mind. They are as follows:

  • Choosing the right and apt construction partner is the first point that you should ensure. The construction agent should be able to understand your ideas and demands.
  • It is your duty to choose the right kind of materials for the construction of your house. Depending on the geographical and climatic factors of the region, you should choose the right kind of paints that you would like to use for your house.
  • You should ensure that there exists a proper agreement between you and the construction agency which has all the terms and conditions mentioned clearly.
  • You should have a clear idea of the monetary budget that you have for the construction of your house. It is generally observed and seen that the expenditure exceed the budget estimate. So, you should have sufficient finance in store so that you may use the money in case of any kind of emergency.
  • Use of earthquake resistant iron rods is very significant as this would serve as a protection guard in case of the occurrence of earthquake.
  • Any kind of construction process requires large amount of water. So, you need to ensure that there is a continuous and sufficient supply of water so that the builders do not suffer from any kind of water deficiency.

The ins and outs of the home construction process

The process of home construction has undergone several pioneering and mind- boggling changes since the last few years. This is because the concept of building a home has changed:

  • The promoters and architects are now applying the latest ideas in shaping your dream home. This has changed the outlook altogether.
  • The construction of home now involves the use of finer technologies; earthquake resistant iron rods and exclusive fine finish paints.
  • The interior designs have also undergone revolutionary changes. The new home builders are now capable of actually reading your mind and thus, they are able to make much better constructions. This became possible with the advent of technology and the rampant use of the internet.

With this technological advancement, the home builders of the new generation are able to get access to ideas from all across the globe that helps them to convert your dream construction into a marvelous reality.