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“What kind of service providers are needed for an AIF...”

Written on: 28/08/2021 by KalebDowling (1 review written)

AIF Regulations require the following types of AIFs to appoint a custodian for the preservation of securities: Category III AIFs; and any Category I or Category II AIF having a corpus of more than INR 500 crores.

The AIF Regulations also necessitate an annual audit of the AIF's books of accounts by a competent auditor, as well as an annual or semi-annual valuation of the AIF's investment by an independent valuer, subject to investor approval.

Annual compliance with the conditions of the PPM must be audited by an internal or external auditor/legal professional.

Although the aforementioned engagements are regulatory in nature, there are a few typical engagements that are not mandated by law, such as the employment of legal and tax advisors.

If an AIF is set up as a trust, it must have a trustee in order to comply with the Indian Trusts Act of 1882.

The trust's affairs are administered by the trustee, who delegated the trust's powers and tasks to the Manager.

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