SEBI/HO/AFD - 1/AFD - 1 - PoD/P/CIR/2024/100 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/AFD - 1/AFD - 1 - PoD/P/CIR/2024/100 July 09, 2024 To, All Alternative Investment Funds Sir/Madam, Sub: Information to be filed by schemes of AIFs availing dissolution period/additional liquidation period and conditions for in-specie distribution of assets of AIFs Information Memorandum for schemes of AIFs entering into Dissolution Period – Vide Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations 2024, notified on April 25, 2024, flexibility has been provided to schemes of AIFs to opt for dissolution period to deal with their unliquidated investments that are not sold due to lack of liquidity . Subsequently, SEBI circular no. SEBI/HO/AFD/PoD1/CIR/2024/026 dated April 26, 2024 , inter -alia, specified the modalities for schemes of AIFs entering into dissolution period. In terms of Regulation 29B(2) of SEBI (Alternative Investment Funds) Regulations , 2012 ('AIF Regulations') , scheme of an AIF entering into dissolution period shall file an information memorandum with SEBI through a merchant banker in the manner as may be specified by SEBI. In this regard, the following is specified – 4.1. The information memorandum for a scheme of an AIF entering into dissolution period shall be submitted to SEBI before expiry of the liquidation period or additional liquidation period of the scheme, as the case may be . 4.2. The format for information memorandum to be submitted by the scheme of AIF entering into dissolution period is given at Annexure I . 4.3. The format for Due Diligence Certificate by Merchant Banker to be submitted along with the aforesaid information memorandum to SEBI is given at Annexure II . B. Information to be submitted by schemes of AIFs availing additional liquidation period – In terms of regula