Regulatory Alerts2023-07-31
Master Circular for Alternative Investment Funds (AIFs)
The Securities and Exchange Board of India (SEBI) issued this Master Circular to consolidate all operational regulatory provisions for Alternative Investment Funds (AIFs) effective July 31, 2023. The document mandates standardized Private Placement Memorandum disclosures, requires annual audits of PPM compliance, and establishes strict timelines for the declaration of First Close for AIF schemes. It further outlines operational norms, registration clarifications, and investor protection measures including exit options for dissenting investors in cases of material changes.
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