The Securities and Exchange Board of India (SEBI) on May 13, 2024, issued a circular regarding the Certification requirement for the key investment team of a manager of AIF.
The following has been specified:
• The requirement for at least one key personnel of the key investment team of a manager of AIF to obtain the aforesaid certification shall be applicable as an eligibility criterion to all the applications for registration of AIFs and launch of schemes by AIFs filed after May 10, 2024.
• Further, the aforesaid requirement of obtaining the certification shall be complied with on or before May 09, 2025, for the following–
o Existing schemes of AIFs; and,
o Schemes of AIFs whose application for the launch of the scheme is pending with SEBI as of May 10, 2024.
• The trustee/sponsor of AIF, as the case may be, shall ensure that the ‘Compliance Test Report’ prepared by the manager in terms of para 15.2 of SEBI Master Circular No. SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39 dated May 07, 2024, includes compliance with the provisions of this circular.
The provisions of this circular shall come into force with immediate effect.
[Circular No. SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/42]
