The Securities and Exchange Board of India vide its circular dated 12th June 2020 has issued a clarification to its earlier circular on Disclosure Standards for Alternative Investment Funds dated 5th February 2020.
It is clarified that the Audit of compliance with terms of PPM shall be conducted at the end of each Financial Year and the findings of audit along with corrective steps, if any, shall be communicated to the Trustee or Board or Designated Partners of the AIF, Board of the Manager and SEBI, within 6 months from the end of the Financial Year.
The above audit compliance shall not apply to AIFs which have not raised any funds from their investors. However, such AIFs shall submit a Certificate from a Chartered Accountant to the effect that no funds have been raised, within 6 months from the end of the Financial Year.
Further, the timeline for making available the first industry benchmark and AIF level performance versus Benchmark Reports is extended till October 01, 2020.
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