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TMI BlogDisclosure Standards for Alternative Investment Funds (AIFs)X X X X Extracts X X X X X X X X Extracts X X X X ..... uce template(s) for PPM, subject to certain exemptions, and mandatory performance benchmarking for AIFs with provisions for additional customized performance reporting. A. Template(s) for PPM 2. PPM is a primary document in which all the necessary information about the AIF is disclosed to prospective investors. To ensure that a minimum standard of disclosure is made available in the PPM, it has been decided to mandate a template for the PPM providing certain minimum level of information in a simple and comparable format. AIFs are also permitted to provide additional information in their PPM. 3. Thus, the template for PPM shall have two parts viz. Part A - section for minimum disclosures, and Part B - supplementary section to allow fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cribed template and annual audit of terms of PPM, in the manner provided at Annexure 3. 9. The aforesaid requirements shall come into effect from March 01, 2020. B. Performance Benchmarking of AIFs 10. Based on the request of the industry, it was considered appropriate that an industry benchmark be developed to compare the performance of AIF industry against other investment avenues, as also global investment opportunities. Accordingly, a proposal for performance benchmarking of AIFs was incorporated in the aforementioned Consultation Paper. 11. As the industry needs the flexibility to showcase its performance based on different criteria and benchmarking of performance of AIFs will help investors in assessing the performance of the AIF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the PPM, as well as in any marketing or promotional or other material, where past performance of the AIF is mentioned, the performance versus benchmark report provided by the benchmarking agencies for such AIF/Scheme shall also be provided. (vii) In any reporting to the existing investors, if performance of the AIF/Scheme is compared to any benchmark, a copy of the performance versus benchmark report provided by the Benchmarking Agency shall also be provided for such AIF/scheme. (viii) As a first step, Association will appoint Benchmarking Agencies and thereafter will set timeline for reporting of requisite data to Benchmarking Agencies by all the registered AIFs. In this regard, Association and Benchmarking Agencies will ensure that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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