New Delhi: To ensure uniform compliance standards and ease of compliance, market regulator Sebi on Thursday introduced a standard reporting format for Alternative Investment Funds (AIFs) related to Private Placement Memorandum (PPM) audit reports.
The reporting format has been prepared in consultation with the Pilot Standard Setting Forum for AIF (SFA).
Under the rules, AIFs are required to submit their annual PPM audit report to the trustee, board of directors or designated partners of the AIF as well as the manager and the board of directors or designated partners of SEBI within six months. End of financial year.
In a circular, SEBI said the new reporting format will be hosted on the websites of AIF associations that are part of the SFA within two working days of the issue of this circular.
The reporting requirement will apply to PPM audit reports to be filed for the fiscal year ending March 31, 2024.The Association will assist all AIFs in understanding the reporting requirements and clarify or resolve any issues that may arise in relation to reporting to ensure accurate and timely reporting.
The PPM audit report will be submitted by the AIF to SEBI online on the SEB Intermediary Portal (SI Portal) as per the prescribed format.
Sebi said audit of sections of the PPM related to risk factors, legal regulatory and tax considerations and track record of first-time managers will be optional. Additionally, depiction of fees and expenses and terminology and terms will also be optional.
To keep pace with the rapidly changing scenario of the AIF industry and for policy oversight purposes, the reporting format will be reviewed from time to time in consultation with SEBI.In case of any amendment in the report format, a revised format will be made available on the websites of the Associations that are part of the SFA.
The reporting format has been prepared in consultation with the Pilot Standard Setting Forum for AIF (SFA).
Under the rules, AIFs are required to submit their annual PPM audit report to the trustee, board of directors or designated partners of the AIF as well as the manager and the board of directors or designated partners of SEBI within six months. End of financial year.
In a circular, SEBI said the new reporting format will be hosted on the websites of AIF associations that are part of the SFA within two working days of the issue of this circular.
The reporting requirement will apply to PPM audit reports to be filed for the fiscal year ending March 31, 2024.The Association will assist all AIFs in understanding the reporting requirements and clarify or resolve any issues that may arise in relation to reporting to ensure accurate and timely reporting.
The PPM audit report will be submitted by the AIF to SEBI online on the SEB Intermediary Portal (SI Portal) as per the prescribed format.
Sebi said audit of sections of the PPM related to risk factors, legal regulatory and tax considerations and track record of first-time managers will be optional. Additionally, depiction of fees and expenses and terminology and terms will also be optional.
To keep pace with the rapidly changing scenario of the AIF industry and for policy oversight purposes, the reporting format will be reviewed from time to time in consultation with SEBI.In case of any amendment in the report format, a revised format will be made available on the websites of the Associations that are part of the SFA.
