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of <h1>SEBI Circular: AIFs Must Conduct Due Diligence on Investors, Investments; Compliance Required for Border-Sharing Countries' Investments.</h1> The circular issued by SEBI mandates Alternative Investment Funds (AIFs), their managers, and key personnel to conduct specific due diligence on investors and investments. This is to prevent the circumvention of regulatory frameworks, including SEBI's ICDR Regulations, SARFAESI Act, RBI's prudential norms, and Foreign Exchange Management Rules. AIFs must ensure due diligence for schemes with significant investor contributions, particularly those designated as Qualified Institutional Buyers or Qualified Buyers. The circular also addresses investments from countries sharing land borders with India, requiring government approval. Implementation standards formulated by the Standard Setting Forum for AIFs must be followed, with compliance reported to custodians and SEBI.
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