Guidelines for AIFs with respect to holding their investments in dematerialised form and appointment of custodian

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....Fs in dematerialised form 2. In terms of Regulation 15(1)(i) of AIF Regulations, AIFs shall hold their investments in dematerialised form, subject to such conditions as may be specified by the Board from time to time. The said requirement does not apply, inter-alia, to such investments by AIFs and such schemes of AIFs as may be specified by the Board from time to time. 3. In this regard, the following is specified: 3.1. Any investment made by an AIF on or after October 01, 2024 shall be held in dematerialised form only, irrespective of whether the investment is made directly in the investee company or is acquired from another entity. 3.2. The investments made by an AIF prior to October 01, 2024 are exempted from the requirement of being....

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....as a custodian for that AIF only when the conditions specified in the said Regulations are met. 6. In this regard, the following is specified: 6.1. The custodian for a scheme of an AIF shall be appointed prior to the date of first investment of the scheme. 6.2. Existing schemes of Category I and II AIFs having corpus less than or equal to INR 500 crore and holding at least one investment as on date of this circular shall appoint custodian on or before January 31, 2025. 6.3. In case of AIFs with custodians that are associates of their manager or sponsor, managers of such AIFs shall ensure compliance with Regulation 20(11A) of AIF Regulations on or before January 31, 2025. C. Reporting of investments of AIFs under custody 7. In terms of....