Fund Administration Services, Private Equity Fund Accounting, Basiz

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Fund Administration

Basiz views its clients as its partners and endeavours to find solutions to assist them in whatever way possible. One such segment of AIF’s that need special attention is the smaller funds, those with very limited investors and investees requiring a lesser bandwidth of services. To make things cost-effective for this segment, Basiz has launched Ops Lite, a basket of services that comes with the mark of quality that you associate with us but at the same time makes it a better value-for-money proposition for the smaller funds. We generally estimate that the service fees for the Ops Lite model will be lesser by around 75-100% depending on fund specifics and complications.

Broadly, these are the differences in the service offering.

	Fund Accounting	Basiz	Ops Lite
1	Provide Book-keeping Services covering expense accounting & income accounting, accruals, prepayments, reconciliation of bank balances and trial Balance, balance sheet, profit and loss account of the entity (maximum investment transaction per quarter - six, including mutual funds/ liquid funds)	Yes	Yes
2	Compute management fees, and support end to end process till verification of credit in bank account for entity	Yes	No
3	Account for management fees based on information provided by the Client and support end to end process till verification of credit in bank account for entity	Not Applicable	Yes
4	Compute Carried Interest	Not Applicable	Yes
5	Account for Carried Interest based on computation provided by the Client	Not Applicable	Yes
6	Compute management fees and expenses	Yes	No
7	Receive computations of management fees and expenses from the Client	Not Applicable	Yes
8	Prepare notice for management fees and expenses	Yes	Yes
8	Prepare notice for management fees and expenses	Yes	Yes

	Capital Call Services	Basiz	Ops Lite
1	Compute capital calls for investments for PE Fund	Yes	No
2	Prepare and send Call Notices based on (1) above	Yes	No
3	Prepare and send Call Notices based on information provided by the Client	Not Applicable	Yes
4	Carry out capital investment accounting in the books	Yes	Yes

	Distribution Services	Basiz	Ops Lite
1	Compute Distribution	Yes	No
2	Compute Realised Gains or Losses	Yes	No
3	Compute Preferred Returns	Yes	No
4	Compute Clawback, if any	Yes	No
5	Compute Waterfall	Yes	No
6	Compute Withholding Taxes	Yes	No
7	Prepare and send out distribution notices based on the above	Yes	No
8	Prepare and send out distribution notices based on computations and information provided by the Client	Not Applicable	Yes

	Investor Services	Basiz	Ops Lite
1	Compute per instance allocation of income, expenses, closing balance at investor level	Yes	No
2	Review the information provided by the Client with regard to per instance client allocation of income, expenses, allocation closing balance at investor level	Not Applicable	Yes
3	Compute NAV per share based on the above process	Yes	Yes
4	Create and maintain investor register and capital accounts	Yes	Yes
5	Assist in investor reporting, answering queries	Yes	No
6	Prepare and send out SOA and Capital Account Statement in format agreed	Yes	Yes
7	Answer upto two queries a month per Investor	Yes	No

	Compliances	Basiz	Ops Lite
1	Provide information for quarterly reports for filing with Securities and Exchange Board of India (SEBI)/IFSCA as required for AIF Funds (including AIF benchmarking); with no limit on number of investments	Yes	No
2	Provide information for quarterly reports for filing with Securities and Exchange Board of India (SEBI)/IFSCA as required for AIF Funds (including AIF benchmarking); number of investments restricted to six per quarter - this includes mutual funds/ liquid investments	Not Applicable	Yes
3	Provide data (Form Invi, PMLA) for reporting to Reserve Bank of India (RBI)	Yes	No
4	Provide information for filing of reports for filing with Software Technology Park of India (STPI) if required	Yes	Yes

	Financial Statements	Basiz	Ops Lite
1	Drafting of annual financial statements for the Fund	Yes	Yes
2	Carrying out edits to the draft financial statements, as required by the Client	Yes	Yes; up to 2 drafts post first draft
3	Liasing with the auditors until finalisation	Yes	No

	Fund Taxation	Basiz	Ops Lite
1	Trust Compliances: (a) Carry Out Cross verification of Form 26 with tax deductions and its matching, (b) Handle Queries, and (c) Provide Form 64 for the Trust	Yes	No
2	TDS:	--	--
	(a) Compute monthly workings for TDS liability	Yes	Yes
	(b) Prepare TDS Payment Authorisation letters to the bank	Yes	Yes
	(c) Reconcile monthly TDS payable account with TDS payment challans	Yes	Yes
	(d) Prepare quarterly TDS returns – Form 24Q , Form 26Q, and Form 27Q, wherever applicable	Yes	Yes
	(e) Upload quarterly TDS returns into NSDL site	Yes	No
	(f) Downloading of quarterly Form 16, Form 16A and sending to the clients	Yes	Yes