Clarifications with respect to Circular dated February 05, 2020 on ‘Disclosure Standards for Alternative Investment Funds (AIFs)

Last updated: 13 June 2020

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This circular provides important clarifications regarding the Disclosure Standards for Alternative Investment Funds (AIFs), originally set out in a February 5, 2020 circular. It details the requirements for auditing compliance with the Private Placement Memorandum (PPM), including timelines for reporting findings. Exceptions are provided for AIFs that have not raised funds, though they must submit a Chartered Accountant's certificate. The circular also amends requirements for AIF associations notifying benchmarking agencies and extends the deadline for the first industry benchmark and performance reports due to COVID-19 market events.

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF6/CIR/P/2020/99 June 12, 2020 To, All Alternative Investment Funds Dear Sir/ Madam, Sub: Clarifications with respect to Circular dated February 05, 2020 on Disclosure Standards for Alternative Investment Funds (AIFs) 1. SEBI has issued aCircular No. SEBI/HO/IMD/DF6/CIR/P/2020/24 (Circular) dated February 05, 2020on Disclosure Standards for Alternative Investment Funds (AIFs). 2. In this regard, it is clarifi

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FAQ :

The findings of the compliance audit must be communicated to the relevant parties and SEBI within 6 months from the end of the Financial Year.

No, the requirement for an audit of compliance with the PPM does not apply to AIFs that have not raised any funds. However, they must submit a Certificate from a Chartered Accountant confirming this.

For the Financial Year 2019-20, the requirements must be fulfilled on or before December 31, 2020.

Yes, due to market events related to the COVID-19 pandemic, the timeline for making available the first industry benchmark and AIF level performance versus Benchmark Reports has been extended to October 01, 2020.

Any association of AIFs, representing at least 33% of the number of AIFs, may notify one or more Benchmarking Agencies.

Notification No : SEBI/HO/IMD/DF6/CIR/P/2020/99
Source : https://www.sebi.gov.in/legal/circulars/jun-2020/clarifications-with-respect-to-circular-dated-february-05-2020-on-disclosure-standards-for-alternative-investment-funds-aifs-_46847.html

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