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The Securities and Exchange Board of India (“SEBI”) issued circular no. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020 (“Circular”) that introduces standard templates for alternative investment funds’ (“AIF”) private placement memorandums (“PPM”), annual audits of compliance with the terms of the PPM and mandatory performance benchmarking for AIFs with provisions for additional customised performance reporting. An overview of the key changes introduced by the Circular can be found here. This note discusses a few issues arising out of the Circular.