Credit of units of AIFs in dematerialised form

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... chemes of AIFs with corpus INR 500 Crore Dematerialisation of all the units issued Latest by October 31, 2023 Latest by April 30, 2024 Issuance of units only in dematerialised form November 01, 2023 onwards May 01, 2024 onwards 2. As per the timeline given at para 1 above, schemes of AIFs with corpus INR 500 Crore have created International Securities Identification Numbers (ISINs) for their units issued, and have commenced crediting the units to the investors demat accounts. Based on feedback received from the stakeholders, it has been decided to specify the process to be followed for dematerialising/ credi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the aforesaid purpose. 6. Schemes of AIFs with corpus INR 500 Crore shall credit units already issued to existing investors (on-boarded prior to November 01, 2023) who have not provided their demat account details, into Aggregate Escrow Demat Account latest by January 31, 2024. Units already issued by such schemes to existing investors who have provided demat account details shall be credited to respective investors demat accounts at the earliest, but not later than January 31, 2024. 7. Schemes of AIFs with corpus INR 500 Crore shall credit units issued to their investors who have not provided their demat account details by April 30, 2024, into Aggregate Escrow Demat Account latest by May 10, 2024. Units issued by such schemes .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... o have not provided demat account details Latest by Jan 31, 2024 Latest by May 10, 2024 9. Units of AIFs held in Aggregate Escrow Demat Account can be redeemed and proceeds shall be distributed to respective investors bank accounts with full audit trail of the same. 10. Managers of AIFs shall maintain investor-wise KYC details of units held in Aggregate Escrow Demat Account, including name, PAN and bank account details, along with audit trail of the transactions. The same shall also be reported to Depositories and Custodians on a monthly basis. 11. For this purpose, AIF industry shall adopt implementation standards as formulated by the SFA and depositories jointly, in consultation wi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X