H K Davra & Co. No Funds Raised by an AIF: CA Certificate Requirement in Place of PPM Audit A newly registered Alternative Investment Fund (AIF) may spend its first year building a team, filing a placement memorandum and speaking to investors without receiving any money. It is easy to assume... AIF CA Certificate Fund Compliance SEBI 19-Jan-2026
H K Davra & Co. Exit Option for Material Changes in AIFs: Open-Ended vs Close-Ended Schemes When an Alternative Investment Fund (AIF) makes a material change, such as bringing in a new investment manager or increasing fees, investors who committed on the old terms are entitled to leave. SEBI... AIF Investor Protection Material Change SEBI 14-Jan-2026
H K Davra & Co. Large Value Funds and Angel Funds: SEBI's Regulatory Relaxations for AIFs Explained SEBI does not regulate every Alternative Investment Fund (AIF) scheme with the same intensity. Where every investor is a sophisticated, accredited investor committing a large amount, SEBI relies more ... AIF Accredited Investors Angel Fund Large Value Fund SEBI 12-Jan-2026
H K Davra & Co. PPM Audit in AIFs: Annual Compliance Audit, Timelines, Exemptions and Corrective Action The placement memorandum (PPM) is the promise an Alternative Investment Fund (AIF) makes to its investors: what it will invest in, within which limits, at what cost and under which governance arrangem... AIF Internal Audit PPM Audit SEBI 07-Jan-2026
H K Davra & Co. Sponsor and Manager Commitment in AIFs: Minimum Corpus Lock-in and Continuing Interest Rules Many Alternative Investment Fund (AIF) schemes reach their first close with the help of the sponsor or the investment manager. External commitments fall slightly short of the minimum corpus, and the s... AIF Fund Compliance SEBI Sponsor Commitment 05-Jan-2026
H K Davra & Co. First Close in AIFs: SEBI's 12-Month Deadline, Consequences and Compliance Checklist For a new Alternative Investment Fund (AIF) scheme, getting the placement memorandum (PPM) filed with SEBI is only the start. The scheme must then raise enough commitments to declare its first close ,... AIF First Close Fund Compliance SEBI 31-Dec-2025