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 AIF & Fund Regulation