Disclosure standards for alternative investment funds require standardized PPM templates and mandatory performance benchmarking for funds. SEBI mandates a two-part Private Placement Memorandum (PPM) template for Category I and II AIFs and a separate template for Category III, requires alignment of subscription agreements with the PPM, and an annual audit of PPM compliance (with certain audit items optional). Mandatory industry and fund-level performance benchmarking is introduced: Associations representing a majority of AIFs shall appoint Benchmarking Agencies, AIFs must report scheme-level valuation and cash-flow data for schemes one year past first close, and benchmarking reports must accompany any disclosed past performance; exemptions apply to certain Angel Funds.
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Disclosure standards for alternative investment funds require standardized PPM templates and mandatory performance benchmarking for funds.
SEBI mandates a two-part Private Placement Memorandum (PPM) template for Category I and II AIFs and a separate template for Category III, requires alignment of subscription agreements with the PPM, and an annual audit of PPM compliance (with certain audit items optional). Mandatory industry and fund-level performance benchmarking is introduced: Associations representing a majority of AIFs shall appoint Benchmarking Agencies, AIFs must report scheme-level valuation and cash-flow data for schemes one year past first close, and benchmarking reports must accompany any disclosed past performance; exemptions apply to certain Angel Funds.
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