SEBI vide its circular dated (July 09, 2024) specified the Information to be filed by schemes of Alternative Investment Funds (AIFs) availing dissolution period/additional liquidation period and conditions for in-specie

SEBI vide circular dated (July 09, 2024) specified the Information to be filed by schemes of Alternative Investment Funds (AIFs) availing dissolution period/additional liquidation period and conditions for in-specie distribution of assets of AIFs. A. Information Memorandum for schemes of AIFs entering into Dissolution Period: The information memorandum for a scheme of an AIF entering into dissolution period shall be submitted to SEBI in terms of Regulation 29B (2) of SEBI (Alternative Investment Funds) Regulations, 2012 before expiry of the liquidation period or additional liquidation period of the scheme, as the case may be. SEBI has also specified the format for information memoranda and due diligence certificate. B. Information to be submitted by schemes of AIFs availing additional liquidation period: In terms of regulation 29(9A) of AIF Regulations, if the liquidation period for a scheme of an AIF has expired or is expiring within three months from the date of notification of the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2024 (i.e., on or before July 24,2024), such schemes may be granted an additional liquidation period, subject to conditions and in the manner as may be specified by SEBI. In this regard, Schemes of AIFs which are intending to avail the additional/fresh liquidation period in terms of aforesaid provisions, shall submit information to SEBI regarding the same as per the prescribed format given in the circular for grant of the additional liquidation period. C. In specie distribution of investments of AIFs: With respect to carry out in specie distribution of investments of a scheme of an AIF in terms of Regulation 29(8) of AIF Regulations, it is clarified that such in specie distribution (other than the aforesaid mandatory in specie distribution), shall be carried out after obtaining approval of at least 75% of the investors by value of their investment in the scheme of the AIF. The manager, trustee and key management personnel of AIF and manager shall be responsible for compliance with the provisions prescribed above.