Markets regulator Sebi on Tuesday issued a circular outlining the filing requirements for alternative investment funds (AIFs) schemes that opt for a dissolution period to deal with their unliquidated investments.
The move aims to provide flexibility to AIFs and their investors in managing such investments that are not sold due to lack of liquidity.
In its circular, Securities and Exchange Board of India (Sebi) said AIF schemes entering into dissolution period must file an information memorandum with it through a merchant banker before expiry of the liquidation period or additional liquidation period of the scheme.
The format for this information memorandum and the due diligence certificate to be submitted by the merchant banker.
As per Sebi’s AIF rules, the information memorandum must include details such as the name of the AIF, registration number, the names of its trustees or directors, the scheme’s name, and financial details related to unliquidated investments.
In addition, fo
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