SEBI Issues Guidelines for AIF

Current Context: The Securities and Exchange Board of India (SEBI) issued guidelines for Alternative Investment Funds (AIFs).

• The revised guidelines were framed by SEBI by amending the SEBI (Alternative Investment Funds) Regulations, 2012.
• The framework deals with:

1. Declaration of the First Close
2. Calculation of Tenure
3. Change of Sponsor/Manager
4. Change in Control of Sponsor/Manager

• As per the guidelines, for taking the Private Placement Memoranda (PPM), the first close of a scheme must be declared within 12 months from the date of communication with SEBI.
• It further mentions that the fee must be paid within 15 days of the proposed change of the sponsor/manager or changes in control of the sponsor/manager.
• SEBI is a Government of India-owned regulatory body that was established in 1992 with its headquarters in Mumbai, Maharashtra. The current Chairperson of it is Madhabi Puri Buch.

Question:

Q.1 According to the recently issued guidelines regarding AIF by SEBI, the first close of a scheme must be declared within ______ from the date of communication with SEBI.
a. 06 months
b. 12 months
c. 18 months
d. 24 months