the procedure to be followed by an AIF proposing to make changes in its placement memorandum - SEBI

All AIFs shall intimate changes made in the placement memorandum to all unit holders (including investors who have provided a commitment to the AIF) and SEBI once every six months on a consolidated basis. Such changes shall include, but not be limited to the following:

Jul 4, 2022 - 14:40
Jul 4, 2022 - 15:28
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At the time of submission of final placement memorandum to SEBI, any changes which have been made vis-à-vis the draft placement memorandum submitted to SEBI at the time of application shall be listed clearly in the covering letter. Further, the changes shall also be highlighted in the copy of the final placement memorandum.

All AIFs shall intimate changes made in the placement memorandum to all unit holders (including investors who have provided a commitment to the AIF) and SEBI once every six months on a consolidated basis.

Such changes shall include, but not be limited to the following:

a. Change in sponsor/manager (not including an internal restructuring within the group)

b. Change in control of sponsor/manager

c. Change in fee structure or hurdle rate which may result in higher fees being charged to the unit holders.

However, in cases of material changes significantly influencing the decision of the investor to continue to be invested in the AIF, the process mentioned in circular no. CIR/IMD/DF/14/2014 dated June 19, 2014 shall be complied with.

The trustee of AIF (in case AIF is a trust)/ sponsor (in case of any other AIF) shall be responsible for overseeing the process, ensuring compliance and regularly updating SEBI on the developments. [Ref. circular no. CIR/IMD/DF/14/2014 dated June 19, 2014]

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