Issuance of units of AIFs in dematerialised form

Dematerialisation of AIF units mandated: schemes must convert and issue units only in dematerialised form with depositories enforcing transfer controls

Dematerialisation of AIF units is mandated with phased timelines for conversion and for issuance only in dematerialised form; schemes maturing on or before the specified cutoff are exempt. Transfers of dematerialised units continue to be governed by the PPM and investor agreements, and any transfer requiring AIF/manager approval must be processed in the depository system only after such approval. Depositories must amend rules and implement transfer controls; managers must report compliance via the intermediary portal and trustees/sponsors must ensure the Compliance Test Report reflects these requirements.