Sebi outlines AIF migration to AI-only, LVF schemes

• SEBI issued modalities for existing Alternative Investment Funds (AIFs) to migrate to Accredited Investor (AI) only schemes or Large Value Funds (LVFs).
• Migration requires positive consent from all investors and adherence to specific conditions.
• This follows November amendments that introduced AI-only schemes and provided regulatory flexibilities for LVFs.
• New AI-only or LVF schemes must include "AI only fund" or "LVF" in their name, with changes reported to SEBI and depositories within 15 days.
• LVFs are exempt from standard placement memorandum templates and annual audits without requiring specific investor waivers.

Why It Matters: New SEBI rules simplify AIF migration, impacting investors and fund managers.