The Securities and Exchange Board of India (Sebi) has unveiled a fast-track mechanism for processing private placement memoranda (PPMs) for Alternative Investment Funds (AIFs), aimed at speeding up capital deployment. Under the new rules, AIFs, excluding large value funds for accredited investors (LVFs), can launch schemes and circulate PPMs to investors after 30 days of filing their application with Sebi. For first-time schemes, they may proceed either after obtaining Sebi registration or after 30 days from filing, whichever occurs later. This marks a significant change from the previous process, which often involved lengthy reviews and multiple revisions. As part of the new framework, Sebi mandates that the first close of a scheme must be achieved within 12 months of the AIF becoming eligible to launch. The responsibility for ensuring the accuracy of disclosures now rests with merchant bankers and AIF managers, highlighting Sebi's increased reliance on due diligence. The new rules will take immediate effect and apply to pending PPM applications for non-LVFs, while all other provisions under the existing AIF master circular will remain unchanged. Sebi has emphasized that any irregularities in the PPM may lead to regulatory action.