This note has been prepared to set out the key takeaways from Securities and Exchange Board of India (“SEBI”) Circular no. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020. In the circular, SEBI has instituted the following reforms aimed at streamlining disclosure standards in the AIF space: Templatisation of preliminary placement memorandum: The private placement memorandum (“PPM”) template…