Guidelines with respect to excusing or excluding an investor from an investment of AIF

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..... 1. SEBI Circular No. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 05, 2020 , inter-alia, introduced template(s) for Private Placement Memorandum (PPM) for AIFs, providing certain minimum level of information to be disclosed in a simple and comparable format. 2. It has been observed from the information disclosed in PPMs that, there is inconsistency and lack of adequate disclosure with res .....

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..... had disclosed to the manager that, participation of the investor in such investment opportunity would be in contravention to the internal policy of the investor. Manager shall ensure that terms of such agreement with the investor include reporting of any change in the disclosed internal policy, to the AIF, within 15 days of such change. 5. Further, an AIF may exclude an investor from participa .....

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..... e for such excuse or exclusion along with the supporting documents, if any. 7. This circular shall come into force with immediate effect. 8. This circular is issued with the approval of the competent authority. 9. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in .....

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