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of SEBI permits an AIF investment manager, pending receipt of an accreditation certificate, to execute the contribution agreement and commence related operational processes based on its assessment of an investor's eligibility, but the investor's commitment must be excluded from scheme corpus calculations until accreditation is obtained and the scheme may accept funds only after the accreditation certificate is issued, preserving corpus-based prudential norms. For net-worth based accreditation, the requirement to submit a detailed net-worth break-up as an annexure to the net-worth certificate is removed, and it is clarified that a chartered accountant may certify satisfaction of the prescribed threshold without stating the actual net worth, reducing documentary compliance. AIF trustee/sponsor/manager must ensure the Compliance Test Report covers compliance with these directions, effective immediately.
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