SEBI, vide circular, has introduced a fast-track mechanism for processing Private Placement Memorandums (PPMs) of Alternative Investment Funds (AIFs) for non-Large Value Fund (non-LVF) schemes, including Angel Funds, as an ease of doing business measure. Under this framework, AIFs may launch schemes and circulate PPMs after 30 days of filing with SEBI (or from the date of registration for first schemes, whichever is later), without awaiting explicit SEBI approval,
subject to incorporation of any SEBI comments. The circular also mandates declaration of first close within 12 months, places responsibility for accuracy and completeness of disclosures on the Merchant Banker and AIF Manager, prescribes filing requirements and standard disclaimers, and clarifies that all other provisions of the AIF Master Circular dated May 7, 2024 remain unchanged.
