The National Securities Depository Limited (NSDL) on June 27, 2024, notified regarding the implementation standards formulated by the pilot Standard Setting Forum for AIFs (SFA) for SEBI circular on 'Credit of units of AIFs in the dematerialized form'.
The following has been stated namely: -
• It is in reference to SEBI circular no. SEBI/HO/AFD/PoD1/CIR/2023/186 dated December 11, 2023, regarding ‘Credit of units of AIFs in dematerialized form.
• It states that the Manager of an AIF shall maintain investor-wise holding details of investors whose units are held in the Aggregate Escrow Demat Account of a scheme, in the format specified in Table 1.
• It states that the units of a scheme of AIF held in investors’ demat accounts and the units held in the Aggregate Escrow Demat Account of the scheme, shall be reconciled against the total number of units issued by the scheme and the same shall be reported by the AIF to the depository and custodian every month in the format specified at Annexure A.
• It states that the reporting for each month shall be submitted to the depository/custodian within 15 days from the beginning of the next month:
o for schemes of AIFs with a corpus ≥ INR 500 Cr as of October 31, 2023: Commencing from January 2024, to be submitted by February 15, 2024, and
o for schemes with corpus < INR 500 crore as of October 31, 2023, and schemes launched after October 31, 2023, irrespective of corpus: Commencing from April 2024, to be submitted by May 15, 2024.
• It states that Managers of AIFs shall initiate communication to collect demat account details from investors starting no later than February 15, 2024.
• It states that depositories shall inform AIF managers of investors' demat account status based on PAN details not provided to AIFs, with PAN submission deadlines: February 15, 2024, for schemes ≥ INR 500 Cr as of Oct 31, 2023, and May 15, 2024 for schemes < INR 500 Cr or launched post-October 31, 2023.
Kindly refer to the attached document for Table 1 and Annexure A.
