{"id":107868,"date":"2021-05-20T19:12:20","date_gmt":"2021-05-20T13:42:20","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=107868"},"modified":"2021-05-20T21:36:37","modified_gmt":"2021-05-20T16:06:37","slug":"swamih-fund-completes-first-residential-project","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/swamih-fund-completes-first-residential-project\/","title":{"rendered":"&#8220;SWAMIH Fund&#8221; Completes First Residential Project"},"content":{"rendered":"\n<h5><strong>What is the News?<\/strong><\/h5>\n<p>The government of India\u2019s SWAMIH (Special Window for Affordable &amp; Mid-Income Housing) Fund has completed its first residential project in Mumbai.<\/p>\n<h5><strong>About SWAMIH Fund:<\/strong><\/h5>\n<ul>\n<li><strong>Firstly, SWAMIH Fund <\/strong>is a government-backed investment fund set up in the year 2019.<\/li>\n<li><strong>Secondly, Purpose<\/strong>: The formation of fund happened to provide relief to developers that require funding to complete a set of unfinished projects. Consequently, it will also ensure the delivery of homes to the home-buyers.<\/li>\n<li><strong>Thirdly, Type: <\/strong>The fund has been set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.<\/li>\n<li><strong>Fourthly, Investment manager:<\/strong> The Investment Manager of the Fund is SBICAP Ventures, a wholly-owned subsidiary of SBI Capital Markets. This in turn is a wholly-owned subsidiary of the State Bank of India.<\/li>\n<li><strong>Fifthly, Sponsor<\/strong>: The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India.<\/li>\n<li><strong>Sixthly, Criteria for Funding of Projects: <\/strong>The funding will be for the projects that meet the following criteria:\n<ul>\n<li>Stalled for lack of adequate funds<\/li>\n<li>Affordable and Middle-Income Category<\/li>\n<li>Net worth positive projects (including NPAs and projects undergoing NCLT proceedings)<\/li>\n<li>RERA registered<\/li>\n<li>Priority for projects very close to completion.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h5><strong>What is an Alternative Investment Fund(AIF)?<\/strong><\/h5>\n<ul>\n<li><strong>Alternate investment funds(AIFs)<\/strong> are defined under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.<\/li>\n<li>It refers to any privately pooled investment fund(whether from Indian or foreign sources) established or incorporated in India for investing it in accordance with a defined investment policy.\n<ul>\n<li>An alternative investment is a financial asset that does not fall into one of the conventional equity\/income\/cash categories.<\/li>\n<li>For example, private equity or venture capital, hedge funds, commodities, and tangible assets<\/li>\n<\/ul>\n<\/li>\n<li><strong>AIF does not include funds <\/strong>covered under the SEBI (Mutual Funds) Regulations, 1996, SEBI (Collective Investment Schemes) Regulations, 1999 or any other regulations of the Board to regulate fund management activities.<\/li>\n<\/ul>\n<h5><strong>Categories of AIF:<\/strong><\/h5>\n<p><strong>\u00a0<\/strong><strong>Category I: <\/strong><\/p>\n<ul>\n<li>Under this, there is investment of funds mainly in start-ups, SMEs or any other sector which Govt. considers economically and socially viable.<\/li>\n<li><strong>Examples include <\/strong>venture capital funds, social venture funds, infrastructure funds and other Alternative Investment Funds as may be specified.<\/li>\n<\/ul>\n<h5><strong>Category II:<\/strong><\/h5>\n<ul>\n<li><strong>Under this category, <\/strong>there is investment of funds in equity securities and inclusion of debt securities.<\/li>\n<li><strong>These funds <\/strong>do not fall in Category I and III. They also do not undertake leverage or borrowing other than to meet day-to-day operational requirements.<\/li>\n<li><strong>Examples include <\/strong>real estate funds, private equity funds (PE funds), and funds for distressed assets.<\/li>\n<\/ul>\n<h5><strong>Category III:<\/strong><\/h5>\n<ul>\n<li><strong>Under this category, <\/strong>there is investment of funds with a view to make short term return. The companies employ diverse or complex trading strategies and may also employ leverage including through investment in listed or unlisted derivatives.<\/li>\n<li><strong>Examples include <\/strong>hedge funds, PIPE Funds.<\/li>\n<\/ul>\n<p><strong>Source: <\/strong><a href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=1718336\"><strong>PIB<\/strong><\/a><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News? The government of India\u2019s SWAMIH (Special Window for Affordable &amp; Mid-Income Housing) Fund has completed its first residential project in Mumbai. About SWAMIH Fund: Firstly, SWAMIH Fund is a government-backed investment fund set up in the year 2019. Secondly, Purpose: The formation of fund happened to provide relief to developers that&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/swamih-fund-completes-first-residential-project\/\">Continue reading <span class=\"screen-reader-text\">&#8220;SWAMIH Fund&#8221; Completes First Residential Project<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[1398],"class_list":["post-107868","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-eco_6","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704762940},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/107868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=107868"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/107868\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=107868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=107868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=107868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}