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SEBI has, by way of a Circular dated April 30, 2026, introduced a fast-track mechanism for Private Placement Memorandums (‘PPMs’) of Alternative Investment Funds (‘AIF’), applicable to angel funds and AIF schemes other than ‘Large value fund for accredited investors’ (collectively, ‘non-LVF schemes’). AIFs may now launch new non-LVF schemes and circulate PPMs to investors 30 days after filing with SEBI, subject to prescribed disclosure and due diligence requirements. The merchant banker and manager remain responsible for accuracy of disclosures, and PPMs must include a disclaimer clarifying that SEBI filing does not constitute approval. The first close must be declared within 12 months from the date the AIF becomes eligible to launch..
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