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Facing challenges with AIF regulatory reporting? Connect with Enterslice for accurate and timely preparation of the compliance test report for AIF.
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A compliance test report for AIF is a mandatory annual regulatory filing required by the Securities and Exchange Board of India. The SEBI AIF compliance test report confirms whether the AIF has complied with applicable SEBI regulations, circulars, Private Memorandum disclosures, and investment conditions during the relevant financial year.
The preparation of the compliance test report for AIF simply serves as a comprehensive verification that the fund has adhered to all applicable regulations and circulars throughout the financial year. Connect with Enterslice to ensure your SEBI AIF compliance test report is prepared accurately, duly certified, and filed within the SEBI-prescribed timelines.
30-Day CTR Readiness
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Let our experts handle the preparation and certification of the SEBI AIF Compliance Test Report with complete accuracy and on-time submission.
The scope of a compliance test report for alternative investment fund, which showcases a snapshot of the fund’s operational and financial status, covers the following:
The merits of preparing the SEBI AIF compliance test report are discussed below:
Preparing the SEBI AIF compliance test report confirms that the fund’s adherence to its stated investment strategy builds investor confidence among high-end wealth and institutional investors.
Preparing the compliance test report for AIF helps identify, manage, and reduce operational, financial, and compliance risks, particularly those related to investment limits and valuation norms.
Preparing a duly certified compliance test report for AIF confirms compliance with SEBI’s regulatory, reporting, and disclosure norms, thereby helping the fund avoid severe consequences.
Preparing a transparent & auditor-certified compliance test report ensures that the valuation of portfolio investments is fair, independent, and compliant with prescribed standards.
Preparing the SEBI AIF compliance test report confirms that the fund manager is operating within the investment guidelines and strategies originally promised to investors in the Placement Memorandum.
Preparing the compliance test report for AIF helps promote accountability by ensuring that all material changes, fees, and expenses are accurately reported.
The timeline required for the preparation and the submission of the alternative investment fund compliance test report in India is as discussed below:
Where the AIF is structured as a trust, the CTR must be submitted to the trustee and the sponsor within 30 days of the end of the financial year.
If the trustee or sponsor records any observation/ comment on the CTR, the same must be intimated to the fund manager within 30 days of receipt of the CTR.
Upon receipt of observation or comments, the AIF manager shall make necessary corrections or clarifications within 15 days and update the CTR accordingly.
If the trustee of sponsor identified any violation of SEBI AIF regulations or related circulars issued thereunder is observed by the trustee or sponsor, the same shall be intimated to SEBI as soon as possible.
Let Enterslice help you with its actionable remediation roadmap.
The AIF managers submitting the compliance test report for AIF face the following challenges, as discussed below:
600+ AIF enthusiasts benefited from our mandatory AIF compliance test report for AIF. Now, you are the next.
As a leading consulting and India’s Number 1 AIF compliance management firm, we at Enterslice ensure the preparation and submission of the SEBI-mandated AIF compliance test report with precision and accuracy. Here’s why connecting to Enterslice is considered the best choice for preparing a compliance test report for AIFs in India:
CTR in AIF stands for Compliance Test Report, a mandatory document prepared in addition to the quarterly report that confirms the funds have operated in full compliance with SEBI’s regulations throughout the year.
A compliance officer in an AIF ensures that the fund manager adheres to SEBI regulations and other laws, acting as the primary monitor of legal compliance, developing policies, conducting internal checks, managing disclosures, and reporting non-compliance.
AIF audit and compliance is subject to an annual audit of the Private Placement Memorandum by a qualified auditor, filings of audited financial & compliance certifications, with specific NISM certification for Compliance Officers, and regular investor reporting and valuation, all under SEBI’s AIF Regulations.
A compliance test report for AIF in India is a mandatory annual report for SEBI-regulated AIFs, that certified the fund manager’s adherence to AIF regulations and related circulars. It further ensures transparency, investor protection, proper governance, and risk mitigation for all investors and regulators, and verifies operational practices such as valuation, disclosures, and ethical practices.
In India, the manager of an Alternative Investment Fund is responsible for preparing and submitting the Compliance Test Report (CTR).
Yes, the format for the SEBI AIF Compliance Test Report is fixed and standardized, subject to periodic revisions by the authorities. The fixed format further ensures uniformity in reporting across the industry, often leading to collaborations with associations like IVCA.
SEBI AIF compliance test report in India is independently prepared and certified by a SEBI-registered Merchant Banker, a Chartered Accountant, or a Designated Compliance Officer to ensure regulatory accuracy and transparency.
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