Category III AIF Leverage Breach: SEBI's Reporting and Square-Off Timeline Explained On a volatile Monday, a sharp fall in markets pushes a long-short Category III AIF's exposure above its permitted leverage. In many businesses, the instinct would be to wait a few days for prices to r... AIF Fund Compliance Investor Protection SEBI 31-Oct-2026
AIF Performance Benchmarking: Reporting Duties Start One Year After First Close For its first year, an AIF scheme's performance is largely a conversation between the manager and its investors. After that, the regulatory framework puts the numbers into an industry-wide comparison.... AIF Fund Compliance Investor Protection SEBI 31-Oct-2026
Joint Investors in AIFs: Who Can Invest Jointly and How the ₹1 Crore Minimum Applies Two brothers want to put ₹50 lakh each into a Category II AIF and hold the units jointly. A husband and wife want to do the same with ₹60 lakh and ₹40 lakh. Only one of these proposals meets SEBI's ru... AIF Fund Compliance Investor Protection SEBI 31-Oct-2026
AIF Compliance Test Report (CTR): Timelines, Trustee Review and What It Must Cover Every April, AIF managers face a document that looks like an internal checklist but behaves like a statutory dialogue: the Compliance Test Report (CTR) . It is prepared by the manager, scrutinised by ... AIF Fund Compliance Fund Governance Investor Protection SEBI 31-Oct-2026
AIF Contribution Agreement and PPM: Why the Agreement Cannot Go Beyond the PPM An anchor investor asks for a lower management fee and a right to exit early. The manager agrees and adds a clause to that investor's contribution agreement, while the Private Placement Memorandum (PP... AIF Fund Governance Investor Protection SEBI 31-Oct-2026
AIF Quarterly and Annual Activity Reports: SEBI Filing Deadlines After the 2026 Changes A fund manager can close a strong quarter of deal-making and still put the registration at risk by missing a single online filing. In 2026, SEBI has cancelled the registration of more than one AIF for... AIF Fund Compliance Fund Governance SEBI 31-Oct-2026
AIF Marketing Rules: Private Placement, PPM Consistency and What Managers Cannot Say A fund manager finishes a polished investor deck, posts a short teaser on a professional networking site and forwards the deck to a few hundred contacts ‘just to build awareness’. Each step feels like... AIF Fund Compliance Investor Protection SEBI 31-Oct-2026
H K Davra & Co. Units Issued to Employees of an AIF Manager: Profit-Sharing Units and Minimum Investment Rules Alternative Investment Funds (AIFs) are built on minimum investment thresholds: an investor typically commits at least ₹1 crore. At the same time, fund managers want their investment professionals to ... AIF Employee Incentives Fund Governance SEBI 04-Feb-2026
H K Davra & Co. Change in Category of an AIF: Conditions, SEBI Process, Fees and Investor Protection The category in which an Alternative Investment Fund (AIF) is registered defines its regulatory identity: what it may invest in, whether it may borrow or use leverage, the investment limits it follows... AIF AIF Category Investor Protection SEBI 02-Feb-2026
H K Davra & Co. Changes in PPM of an AIF: Annual Intimation to SEBI and Why a Yearly Review Matters The private placement memorandum (PPM) of an Alternative Investment Fund (AIF) is written before the first investor commits. Over the following years the fund's team, service providers, processes and ... AIF Fund Compliance PPM Compliance SEBI 28-Jan-2026
H K Davra & Co. Material Changes in AIFs: Meaning, Examples and SEBI's Mandatory Process An Alternative Investment Fund (AIF) scheme changes over its life. Service providers are replaced, disclosures are refreshed and processes are refined. Most of these are routine updates. A few, howeve... AIF Fund Governance Investor Protection Material Change SEBI 26-Jan-2026
H K Davra & Co. Change in Sponsor or Manager of an AIF: When 75% Investor Consent Replaces the Exit Option A change in the sponsor or investment manager of an Alternative Investment Fund (AIF), or a change in their control, is a material change. The default consequence is that investors who disagree must b... AIF Fund Governance Material Change SEBI 21-Jan-2026