Guidelines with respect to excusing or excluding an investor from an investment of AIF

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..../IMD/DF6/CIR/P/2020/24 dated February 05, 2020, inter-alia, introduced template(s) for Private Placement Memorandum (PPM) for AIFs, providing certain minimum level of information to be disclosed in a simple and comparable format. 2. It has been observed from the information disclosed in PPMs that, there is inconsistency and lack of adequate disclosure with respect to certain industry practices. ....

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....pation of the investor in such investment opportunity would be in contravention to the internal policy of the investor. Manager shall ensure that terms of such agreement with the investor include reporting of any change in the disclosed internal policy, to the AIF, within 15 days of such change. 5. Further, an AIF may exclude an investor from participating in a particular investment opportunity, ....