Concentration norm for Category III AIFs now NAV-based, with passive breaches to be rectified within thirty days. Category III AIFs may calculate the concentration norm for listed equity investments using the fund's NAV, defined as the sum of all securities values adjusted for mark to market gains/losses including cash and cash equivalents but excluding borrowed funds, with NAV measured on the business day before the investment. Passive breaches of the concentration limit must be remedied within 30 days. The amendment defines co investment by managers, sponsors or investors of Category I and II AIFs and requires investor co investments to be routed through a Co investment Portfolio Manager; custodian appointment is required where combined AIF corpus and co investment value exceed the regulatory threshold.
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Provisions expressly mentioned in the judgment/order text.
Concentration norm for Category III AIFs now NAV-based, with passive breaches to be rectified within thirty days.
Category III AIFs may calculate the concentration norm for listed equity investments using the fund's NAV, defined as the sum of all securities values adjusted for mark to market gains/losses including cash and cash equivalents but excluding borrowed funds, with NAV measured on the business day before the investment. Passive breaches of the concentration limit must be remedied within 30 days. The amendment defines co investment by managers, sponsors or investors of Category I and II AIFs and requires investor co investments to be routed through a Co investment Portfolio Manager; custodian appointment is required where combined AIF corpus and co investment value exceed the regulatory threshold.
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