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ARTICLE · 07 JULY 2014

SEBI Revises Operational Framework For Alternative Investment Funds

Nishith Desai Associates
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SEBI issues consolidated circular providing guidelines on disclosures, reporting and clarifications under AIF Regulations. Disclosure norms vastly strengthened.

IndiaFinance and Banking
Adhitya Srinivasan
Adhitya Srinivasan
Richie Sancheti
Richie Sancheti
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  • SEBI issues consolidated circular providing guidelines on disclosures, reporting and clarifications under AIF Regulations. Disclosure norms vastly strengthened.
  • Tabulated examples of the distribution waterfall terms and charges to be borne by a fund have to be mandatorily included.
  • Changes to the placement memorandum need to be notified to all investors and the regulator. 'Key Changes' may trigger the fund to afford exit opportunities to the investors.

Following closely on the footsteps of the recent observations1 by U.S. Securities and Exchange Commission (SEC) that there are several disconnects between "what [general partners] think their [limited partners] know and what LPs actually know", the Indian Securities Exchange Board of India ("SEBI") has issued a circular2 ("Circular") that consolidates guidelines on disclosures and reporting that alternative investment funds ("AIFs") have to make. The Circular also provides certain clarifications on the

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