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of <h1>SEBI Clarifies Disclosure Standards for AIFs: Annual Compliance Audit, New Benchmarking Rules, and COVID-19 Deadline Extension.</h1> The Securities and Exchange Board of India (SEBI) issued clarifications on the circular regarding disclosure standards for Alternative Investment Funds (AIFs) dated February 5, 2020. AIFs must conduct an audit of compliance with their Private Placement Memorandum (PPM) at the end of each financial year, with findings reported within six months. AIFs without investor funds must submit a Chartered Accountant's certificate. For the financial year 2019-20, compliance is required by December 31, 2020. Amendments allow AIF associations representing at least 33% of AIFs to appoint Benchmarking Agencies. Due to COVID-19, the deadline for benchmark reports is extended to October 1, 2020.
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