MANU/SMIS/0010/2024
Ministry : Securities and Exchange Board of India
Department/Board : Alternative Investment Fund and Foreign Portfolio Investors Department
Master Circular No. : SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39
Date : 07.05.2024
Notification/ Circulars Referred : Circular no. SEBI/HO/AFD/PoD1/P/CIR/2023/130 for AIFs dated July 31, 2023 MANU/SMIS/0069/2023
Citing Reference:
Circular no. SEBI/HO/AFD/PoD1/P/CIR/2023/130 for AIFs dated July 31, 2023 MANU/SMIS/0069/2023 Referred
To,
All Alternative Investment Funds
All Custodians
All Depositories
All Registrar to an Issue and Share Transfer Agents
Sir/Madam,
Master Circular for Alternative Investment Funds (AIFs)
1. With an objective to ensure an effective regulatory framework for AIFs, Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. SEBI's Master Circular no. SEBI/HO/AFD/PoD1/P/CIR/2023/130 for AIFs dated July 31, 2023 was a compilation of such relevant circulars issued by SEBI up to March 31, 2023, which were operational as on that date.
2. Subsequently, various circulars have been issued by SEBI under SEBI
(Alternative Investment Funds) Regulations, 2012. The provisions of such
circulars issued until March 31, 2024 have been incorporated in this Master
Circular, which supersedes the Master Circular for AIFs dated July 31, 2023.
3. In addition to the requirements specified under this Master Circular, the AIFs shall be required to independently comply with the other requirements specified by SEBI for market intermediaries such as the 'Levy of Goods & Services Tax (GST) on the fees payable to SEBI', 'Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market', 'Digital mode of payment', 'Information regarding Grievance Redressal Mechanism' and 'Guidelines on Outsourcing of Activities by Intermediaries', etc.
4. With respect to any other directions or guidance issued by SEBI, as
specifically applicable to AIFs, the same shall continue to remain in force in
addition to the provisions of this Master Circular or any other law for the time
being in force.
5. This Master Circular shall come into force from the date of its issuance. With the issuance of this Master Circular, all the circulars mentioned in Annexure 17 of this Master Circular shall stand rescinded.
6. Notwithstanding such rescission:
a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted, fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b) any application made to SEBI under the rescinded circulars, prior to
such rescission, and pending before it shall be deemed to have been made under
the corresponding provisions of this Master Circular;
c) th........