Fast-Track Mechanism for Processing of Placement Memorandum of AIFs filed with SEBI

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....ar dated October 21, 2021 inter alia to streamline the processing of applications for launch of scheme/ fund. 3. As per the extant procedure, SEBI reviews the disclosures made in PPMs, Merchant Banker Due Diligence Certificate, etc. and provide comments, if any, to Merchant Banker/ AIF. Thereafter, Merchant Banker/the AIF carries out necessary changes incorporating the SEBI comments and submits revised PPM/ other documents to SEBI for taking the same on record. Owing to time-consuming nature of the extant procedure, review of the current procedure is required to enable efficient deployment of capital by AIFs. 4. As an Ease of Doing Business Measure, considering various factors including sophistication level of AIF investors, due-dilig....

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....hant Banker and the Manager of the AIF shall be responsible for ensuring the accuracy and completeness of all disclosures made in the PPMs of non-LVF schemes, as well as in declarations submitted by them. 5. Filing requirements: 5.1. Documents required to be filed with SEBI: PPM of non-LVF schemes shall be filed on SEBI intermediary portal along with the following documents in addition to payment of applicable (scheme) fee: (i) Duly signed Merchant Banker Due Diligence Certificate; (ii) Duly signed Fit and Proper declarations with respect to the AIF, Sponsor, Manager of the AIF as specified in Schedule II of SEBI (Intermediaries) Regulations, 2008; (iii) Sponsor / Manager declarations with respect to minimum continuing int....