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of <h1>SEBI Updates Operational and Reporting Norms for AIFs; Category III AIFs to Maintain Risk Management Framework.</h1> The circular outlines the operational, prudential, and reporting norms for Alternative Investment Funds (AIFs) as per SEBI's 2012 regulations. Category III AIFs using leverage must have a robust risk management and compliance framework, maintain transparency on conflicts of interest, and submit monthly reports to SEBI. All AIFs must submit periodic reports, with Category I and II AIFs, and non-leveraged Category III AIFs reporting quarterly. Redemption norms require liquidity management policies, and leverage must not exceed twice the Net Asset Value (NAV). Breaches in leverage limits must be reported and rectified promptly, with obligations on both AIFs and custodians.
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