SEBI Issues UTI Alternatives Broad-Based Fund Guidance

SEBI issues interpretive guidance to UTI Alternatives Private Limited on the applicability of broad-based fund requirements for AIF management services.
Clarifies that broad-based criteria must be assessed at the individual scheme level for each AIF, not just the fund level.
States that master-feeder structures require both master and feeder funds to independently comply with broad-based requirements.
Confirms that domestic regulated entities like banks and insurance companies do not qualify for FPI exemptions under mutual fund regulations.