Relaxation in requirement of intimation of changes in the terms of Private Placement Memorandum of Alternative Investment Funds through Merchant Banker
Summary
This circular relaxes the requirement for Alternative Investment Funds to submit changes in Private Placement Memorandum terms through a merchant banker. It permits direct filing with SEBI for specific routine updates and exempts Large Value Funds from the merchant banker intimation process entirely. The exemption for Large Value Funds requires filing an undertaking signed by the CEO and Compliance Officer of the Manager.
Text
intimation with respect to any change in the terms of Private Placement Memorandum (PPM) is required to be submitted to SEBI through a merchant banker, along with a due diligence certificate from the merchant banker in the format specified by SEBI.
changes in the terms of PPM, as mentioned in Annexure A, may not be required to be submitted through a merchant banker and may be filed directly with SEBI.
Large Value Fund for Accredited Investors (LVFs) shall be exempted from the requirement of intimating any changes in the terms of PPM through a merchant banker. LVFs may directly file any changes in the terms of PPM with SEBI, along with a duly signed and stamped undertaking by CEO of the Manager of the AIF ... and Compliance Officer of Manager of the AIF, in a format as specified at Annexure B.
Source: SecMarx — Relaxation in requirement of intimation of changes in the terms of Private Placement Memorandum of Alternative Investment Funds through Merchant Banker. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.