TaxTMI 
TaxTMI 
Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs)
X X X X Extracts X X X X
X X X X Extracts X X X X
...., under Regulation 28 of the said Regulations, the Board may at any time call upon the Alternative Investment Fund to file such reports, as the Board may desire, with respect to the activities carried on by the Alternative Investment Fund. 3. In this regard, it is specified as under: 3.1 Risk Management and Compliance All Category III AIFs which employ leverage shall: i. have a comprehensive risk management framework supported by an independent risk management function, appropriate to the size, complexity and risk profile of the fund. ii. have a strong and independent compliance function appropriate to the size, complexity and risk profile of the fund supported by sound and controlled operations and infrastructure, adequate resources and checks and balances in operations. iii. maintain appropriate records of the trades/transactions performed and such information should be available to SEBI, whenever sought iv. provide full disclosure and transparency about conflicts of interest and how they manage them from time to time to investors in accordance with Regulation 21 of the AIF Regulations and any other guidelines as may be specified by SE....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ns in exceptional circumstances to investors in the placement memorandum. v. Suspension of redemptions by the Manager shall be justified only: 1. in exceptional circumstances provided that such suspension is exclusively in the best interest of investors of the AIF , or 2. if the suspension is required under the AIF regulations or required by SEBI. vi. The Manager of such AIFs shall build the operational capability to suspend redemptions in an orderly and efficient manner. During the suspension of the redemptions, the Manager shall not accept new subscriptions. vii. The decision by the Manager to suspend redemptions, in particular the reasons for the suspension and the planned actions shall be appropriately documented and communicated to SEBI and to the investors. viii. The suspension shall be regularly reviewed by the Manager. The Manager shall take all necessary steps in order to resume normal operations as soon as possible having regard to the best interest of investors. ix. The Manager of such AIFs shall keep SEBI and investors informed about the actions undertaken by the manager throughout the period of suspension. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ent as specified in the circular. v. Sum of all exposures without offsetting transactions for hedging and portfolio rebalancing shall be termed as 'gross exposure' and the ratio of such gross exposure and Net Asset Value shall be termed as 'gross leverage'. vi. Net Asset Value (NAV) of the AIF shall be the sum of value of all securities adjusted for Mark to market gains/losses (including cash and cash equivalents). The NAV shall exclude any funds borrowed by the AIF. vii. All the above restrictions/limits shall apply at the scheme-level. Breach of leverage limits i. All Category III AIFs shall have adequate systems in place to monitor their exposures. It shall be responsibility of the AIFs to shall ensure that the leverage shall not exceed the prescribed limit at all times. ii. All Category III AIFs shall report to the custodian on a daily basis the amount of leverage at the end of the day (based on closing prices) and whether there has been any breach of limit during the day. iii. In case of a breach in limit: a. Obligation of AIF: i. The AIF shall send a report to the custodian in accordanc....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the fund 1. Brief details of the Fund (Scheme-wise) (All figures in Rs. Crore) 1 Name Targ Total Investi Ope of et corp Sche Corp us Cumulative funds raised under the scheme me us as on ble funds as on date n ende d/ Clos At the Additio beginni Redempti Tempor At ns ons ng of date e- ende d the during the during the quarter quarter quarter ng² â˜â˜ (b) (c) (d) end) (a) b) (C) (255- ary funding end by of borrowi the quart er the At the beginni ng of during the the quarter quarter Cumulative Investments made under the scheme Additio Tenur e of ns Divestme At nts the during end the of the sche me (in quarter the years quart er 2 The grants received may be included in funds raised and grants provided may be included in investments. The net outstanding borrowing may be mentioned. If the net borrowing is negative, the negative figure may be used. If the net borrowing is negative, the amount must be entered with a '-' sign. Including possible extensions....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Trustee 6 Name of custodian 7 Name of contact person 8 Email address of contact person B Report upto/as at the end of month ended Year Name of et corp Sche Corp us Targ Total Investi Ope 1. Brief details of the Fund (Scheme-wise) (All figures in Rs. Crore) Cumulative funds raised under the scheme ble funds me us as as on on date n ende d/ Clos At the Additio beginni ng of Redempti Tempor At ns ons date e- ende d during the the quarter quarter during the quarter ary funding by borrowi ng the At the beginni Cumulative Investments made under the scheme Additio Tenur e of Divestme At the ns nts the sche end ng of of the the quarter quart during the quarter during end me the of (in quarter the years quart er er (a) (b) (c) (d) (a+b- c+d) (a) (b) (c) (a+b- c) *Include only temporary borrowings which are fully covered by capital commitments. Do not include other borrowings. 2. Exposure by the AIF....