Registered AIFs must file periodic reports with SEBI, get an annual audit of compliance with the private placement memorandum, value investments through independent valuers, appoint a custodian, hold units in dematerialised form, conduct investor due diligence, report to performance benchmarking agencies and follow category-specific investment conditions.
Reporting
- Quarterly activity reports to SEBI
- Compliance test reports
- Investor reporting
Governance
- Custodian appointment
- Investment committee norms
- Conflict of interest policies
Investor-related rules
Due diligence on investors and investments to prevent regulatory circumvention, and adherence to minimum investment norms.
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Get expert help →Penalties
SEBI can impose penalties, restrict operations or cancel registration for violations.
Frequently asked questions
Is AIF unit dematerialisation mandatory?
SEBI requires AIF units to be held in dematerialised form, with timelines for existing schemes.
Who audits PPM compliance?
An independent auditor as specified by SEBI.
Do Category III AIFs have extra rules?
Yes, including leverage and risk management requirements.
Is performance benchmarking mandatory?
Reporting to benchmarking agencies is required for applicable AIFs.
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