Master Circular for AIFs: chapter guide

• 1.1 Sharing of Private Placement Memorandum (PPM).
• 1.2 Account opening with the AIF
• 1.3 In-principle approval
• 1.4 Change in category of AIF
• 1.5 Classification of Corporate Debt Market Development Fund as Category I AIF

• 2.1 Template(s) for PPM
• 2.2 Disclosure of distribution waterfall and disciplinary history in PPM
• 2.3 Disclosure of Investor Charter and Investor complaints in PPM
• 2.4 Modalities for filing of PPM and launch of Regular schemes
• 2.7 Explanation -For the purpose of the aforementioned paragraphs 2.4 to 2.

• 3.1 Eligibility for on-boarding investors to AIFs
• 3.2 Conditions for fund raising by AIFs
• 3.3 Information on performance of scheme/fund.

• 4.1 Investment in units of AIFs
• 4.2 Participation of AIFs in Credit Default Swaps
• 4.3 Transaction in Corporate Bonds through Request for Quote (RFQ) platform
• 4.4 Clarifications related to investments by AIFs
• 4.5 Risks associated with the portfolio, such as concentration risk, foreign exchange

• 5.1 Investment conditions
• 5.2 Allocation of overseas investment limit

• 6.1 Redressal of investor complaints received directly from investors and/ or from SEBI

• 7.1 Calculation of investment concentration norm for Category III AIFs
• 7.2 Prudential requirements with respect to leverage
• 7.3 Breach of leverage limits
• 7.4 Risk Management and Compliance
• 7.5 Redemption norms for open ended schemes of Category III AIFs
• 7.6 Breach in corpus of open ended schemes of Category III AIFs

• 8.11 Angel Funds shall report necessary information including investment wise valuation and
• 8.13 Unless specified otherwise, any limit/condition applicable to Angel Funds under AIF

See the circular for this chapter's sections.

• 10.1 Accreditation Agency
• 10.2 Eligibility Criteria for Accredited Investors
• 10.3 Procedure for Accreditation
• 10.4 Validity of Accreditation
• 10.5 Procedure to avail benefits linked to accreditation
• 10.6 Flexibility to investors to withdraw ‘Consent’

• 11.1 Issuance of units of AIFs in dematerialised form
• 11.2 Credit of units of AIFs in dematerialised form
• 11.3 Reporting of value of units of AIFs to Depositories
• 11.4 Directions to depositories
• 11.6 Holding investments of AIFs in dematerialised form

• 12.2 Calculation of tenure of close-ended schemes of AIFs

• 13.1 Procedure for ‘Material Change’ including change in control of manager/sponsor or
• 13.2 Fee for change in control of manager/sponsor or change in manager/sponsor of
• 13.3 Change in control of Sponsor and/or Manager of AIF involving scheme of

See the circular for this chapter's sections.

See the circular for this chapter's sections.

• 16.1 Direct Plan for schemes of AIFs
• 16.2 Trail model for distribution commission in AIFs

• 17.1 Appointment and designation of personnel of AIF and manager
• 17.2 Appointment of custodian for AIFs
• 17.3 Constitution of Investment Committee
• 17.4 Code of conduct
• 17.5 Stewardship Code
• 17.6 Other obligations

• 18.1 Manner of valuation of AIF’s investments
• 18.3 Eligibility criteria for Independent Valuer

• 19.1 Pro-rata rights of investors of AIFs –
• 19.2 Pari-passu rights of investors of AIFs –

• 20.3 Investors availing benefits designated for QIBs through AIFs
• 20.5 RBI regulated lenders/entities ever-greening their stressed loans/assets through
• 20.7 Investment from countries sharing land border with India through AIFs

• 21.1 Reporting of investment activities by AIFs
• 21.2 Compliance Test Report (CTR)
• 21.3 Audit of terms of PPM
• 21.4 Changes in PPM
• 21.5 Reporting of investments of AIFs under custody

• 22.3 Benchmarking Agency and dissemination of performance benchmarks
• 22.4 Operational guidelines for reporting by AIFs to Benchmarking Agencies
• 22.5 Disclosure of performance benchmarks
• 22.6 Customized Performance Reports

• 23.1 Dissolution period
• 23.3 In-specie distribution of unliquidated investments of a scheme
• 23.4 Mandatory in-specie distribution of unliquidated investments
• 23.8 Responsibility for compliance

• 24.3 Modalities and conditions for migration to AIF Regulations

• 25.3 Application for ‘Inoperative Fund’ status
• 25.4 Regulatory framework applicable to ‘Inoperative funds’
• 25.5 Applicability to erstwhile Venture Capital Funds