Sundaram Alternate Assets requests SEBI guidance on whether AIF unit transfers to PMS accounts are exempt from related-party investment limits.
The query references Para 3.4 of the SEBI Portfolio Manager Master Circular, which caps investments in associate securities at 30% of client AUM.
The applicant argues AIF units should be treated like mutual fund units, which are exempt from the prudential limits specified in the circular.
A fee of ₹59,000 was paid for the interpretive letter application under SEBI's Informal Guidance Scheme, 2025.