(A) SEBI Updates 1) Amendments to SEBI (AIF) Regulations, 2012 Timeline and minimum corpus for declaring First Close of a scheme of an AIF to be prescribed Tenure of close ended schemes of AIFs shall now be calculated from date of declaration of First Close Change in manager/sponsor shall now require prior approval of SEBI

A. TAX UPDATES 1) Change in Corporate Tax Rates Corporate Tax Rate reduced to 25% for existing domestic companies with turnover or gross receipts in FY 2015-16 =< INR 50 crores; 2) Scope of Tax on Dividend in the hands of recipient Existing tax on dividend in excess of INR 10 lakhs under section 115BBDA