Meet broad-based rules while serving AIFs, Sebi clarifies

The Securities and Exchange Board of India (Sebi) clarified that asset management companies and their subsidiaries must comply with stringent, broad-based fund norms when providing management or advisory services to alternative investment funds (AIFs). The regulator said compliance must be assessed at the scheme level, not at the overall fund level. Each AIF scheme is treated as a distinct investment vehicle and must independently meet the diversification criteria, reflecting its actual investor...