SEBI has introduced a fast-track mechanism for processing Private Placement Memoranda (PPMs) of Alternative Investment Funds (AIFs). Under the revised framework, AIFs (excluding Large Value Funds for Accredited Investors) can launch schemes and circulate PPMs after 30 days of filing with SEBI, unless advised otherwise. For first-time schemes, launch is permitted after registration or 30 days from filing, whichever is later. The circular mandates specific filing requirements, including due diligence certificates and declarations, and introduces a strict timeline for first close within 12 months.