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
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