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Sebi rationalises reporting requirements for alternative investment funds

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NEW DELHI: Markets regulator Sebi on Wednesday rationalised the reporting requirements for alternative investment funds with a view to present ease of compliance for such entities.

Alternative Investment Funds (AIFs) should submit report on their actions on a quarterly foundation. The report needs to be submitted inside 10 days from the tip of 1 / 4 and the brand new requirement will probably be efficient from the quarter ending December 31, 2021, as per a round.

Additional, Class-IIIÂ AIFs should submit a report on leverage undertaken, on a quarterly foundation, in revised codecs.

Class-III AIFs are these trading with a view to creating short-term returns and embody hedge funds.

Earlier, category-I and II in addition to category-III AIFs, which don’t make use of leverage, had been required to adjust to reporting norms on a quarterly foundation. Class-III AIFs, which undertake leverage, had been required to submit a report back to Sebi on a month-to-month foundation.

The regulator additionally mentioned that any adjustments when it comes to personal placement memorandum and within the paperwork of the fund/ scheme needs to be intimated to buyers and Sebi on a consolidated foundation, inside one month from the tip of a monetary 12 months.

“Such intimation shall particularly point out the adjustments carried-out within the personal placement memorandum and the paperwork of the fund/ scheme, together with the related pages of revised sections/ clauses,” Sebi mentioned.

The provisions, which modifies a round issued in July 2014, can be efficient instantly.

As per the 2014 round, the adjustments had been to be intimated as soon as each six months on a consolidated foundation.

“To supply ease of compliance,it has been determined to overview and rationalise the present regulatory reporting requirements,” Sebi mentioned within the round on Wednesday.

The adjustments have been determined upon after session with numerous stakeholders and advice of Alternative Investment Coverage Advisory Committee.

AIFs are funds established or included in India for the aim of pooling in capital from Indian and overseas buyers.

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