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ARTICLE · 12 JUNE 2023

SEBI Prescribes Direct Plans For AIFS

Argus Partners
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The Securities and Exchange Board of India ("SEBI") issued a circular dated April 10, 2023 ("Circular") prescribing guidelines regarding direct plan for schemes of alternative investment funds ("AIFs") and trail model...

IndiaCorporate/Commercial Law
Adity Chaudhury
Adity Chaudhury
Tushar Oberoy
Tushar Oberoy
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The Securities and Exchange Board of India ("SEBI") issued a circular dated April 10, 2023 ("Circular") prescribing guidelines regarding direct plan for schemes of alternative investment funds ("AIFs") and trail model for distribution commission in AIFs.

SEBI, vide its earlier circular SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020, had prescribed a template for private placement memorandum for AIFs. Under the said prescribed template, disclosures regarding 'direct plan for investors' are required, i.e. whether the fund or the scheme would be offering any benefits on the units which are issued to investors who directly invest in the fund/scheme and not through a placement agent or a distributor.

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