The Private Placement Memorandum (“PPM”) for each fund is submitted and reviewed by SEBI prior to granting registration to the fund.
By SIDDHARTH SHAH / PRANAV SETHI The AIF (alternative investment fund) industry has grown substantially over the last few years. However, the process of growth and evolution always comes with its own share of pain and learnings. In the context of AIFs, while there have been some adjudication orders/informal guidances in the past where the Securities and exchange Board
fund documentation and operations and conduct themselves appropriately. These orders and the consultation papers ought to be taken by the industry in a constructive spirit to be taken in their stride to ensure a more robust and sustainable alternative asset class emerges out of this. (Siddharth Shah is senior partner and Pranav Sethi is an associate at Khaitan&Co)