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TMI BlogModification in framework for valuation of investment portfolio of AIFsX X X X Extracts X X X X X X X X Extracts X X X X ..... heir investment portfolios. 2. In terms of Clause 22.1.2 of the Master Circular , valuation of securities which are not covered in para 22.1.1 of the Master Circular, shall be carried out as per valuation guidelines (taking into account recommendations of AIPAC of SEBI), endorsed by any AIF industry association, which in terms of membership represents at least 33% of the number of SEBI registered AIFs. 3. In this context, an eligible AIF industry association meeting the aforesaid criteria, endorsed the International Private Equity and Venture Capital Valuation (IPEV) Guidelines for valuation of investment portfolio of AIFs in terms of Clause 22.1.2 of the Master Circular. 4. Subsequently, SEBI received representations from the AIF industry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within SEBI s regulatory purview in a time bound manner so as to facilitate applicability of the same for valuation of investment portfolios of AIFs on or after March 31, 2025. 4.4. Clause 22.2.2 of the Master Circular stands modified as under: 22.2.2 Change in valuation methodology/approach to comply with Clause 22.1 of Master circular for AIFs on 'Standardised approach to valuation of investment portfolio of AIFs', shall not be construed as 'Material Change'. 22.2.3 Change in methodology/approach within the valuation guidelines / valuation norms prescribed for AIFs, shall not be construed as a 'Material Change'. However, upon such change, the valuation of the investment carried out based on valuation methodologies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pared by the manager in terms of Chapter 15 of the master circular for AIFs, includes compliance with the provisions of this circular. 6. The provisions of this circular shall come into force with immediate effect. 7. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 23 and Regulation 36 of AIF Regulations, 2012 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets. 8. The circular is available on SEBI website at www.sebi.gov.in under the categories Legal framework -Circulars and Info for - Alternative Investment Funds . Yours faithfully, Sanjay Singh Bhati Deputy Gene ..... X X X X Extracts X X X X X X X X Extracts X X X X
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