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 AIF & Fund Regulation