In its board meeting held on Wednesday, SEBI has relaxed norms to qualify as a member of the AIF investment committee.
With this, AIFs will be able appoint external investment committee members without obtaining consent from existing investors. So far, AIFs were allowed to appoint external members after obtaining consent from investors representing at least 75% of the total scheme’s assets.
The investment committee is responsible for making investment processes & decisions and defining role of fund managers.