Investor Charter

Vision & mission

Vision

[Input required: the Fund’s vision statement.]

Mission

[Input required: the Fund’s mission statement.]

Business transacted by the Fund

• Cipher Alternative Investment Fund is a privately pooled investment vehicle registered with SEBI as a Category III Alternative Investment Fund under the SEBI (Alternative Investment Funds) Regulations, 2012.
• The Fund raises capital from eligible investors by private placement and invests it in accordance with the mandate set out in the Private Placement Memorandum of the relevant scheme.
• Cipher Vision Fund, a scheme of the Fund, invests in listed Indian equity on a long-only basis, including participation in initial public offerings, follow-on offers and open offers. It uses no derivatives, takes no short positions and employs no leverage.
• The Fund is managed by Avsara Asset Management LLP.
• [Input required: any other activity undertaken by the Fund that should be disclosed here, and the identity of the trustee and sponsor.]

Services provided to investors

• Issue and allotment of units against accepted capital contributions.
• Provision of the Private Placement Memorandum, Contribution Agreement and related offer documents to eligible investors.
• Periodic reporting on the scheme’s portfolio, valuation and performance.
• Processing of drawdowns, distributions and redemptions in accordance with the scheme documents.
• Provision of tax and regulatory reporting statements as applicable.
• Receipt, handling and redressal of investor grievances.
• [Input required: reporting frequency, and any investor portal or statement delivery arrangement.]

Grievance redressal mechanism

An investor with a grievance should raise it in the following order. Each stage should be allowed to respond before escalating to the next.

1. Step 1 — The Fund

   Write to the Fund’s investor enquiries address with the details of the grievance.

   [Input required: investor enquiries email address.]

2. Step 2 — Grievance officer

   If the response is unsatisfactory, escalate to the designated grievance officer.

   [Input required: grievance officer name, email address and telephone number, and the timeline within which the Fund undertakes to acknowledge and resolve a complaint.]

3. Step 3 — SEBI SCORES

   A complaint may be lodged with SEBI through the SCORES platform at scores.sebi.gov.in.

4. Step 4 — Online dispute resolution

   A dispute that remains unresolved may be referred to the Online Dispute Resolution portal at smartodr.in.

Rights of investors

• To receive the Private Placement Memorandum and all offer documents before committing capital.
• To receive fair, accurate and timely disclosure of the scheme’s terms, fees, expenses and risks.
• To receive periodic reporting on the portfolio, its valuation and its performance.
• To be treated fairly and without discrimination relative to other investors in the same class.
• To have grievances acknowledged and redressed within a defined timeline.
• To receive disclosure of conflicts of interest and of related-party transactions.
• To have personal information kept confidential, subject to legal and regulatory obligations.

What the Fund expects of investors

• Read the Private Placement Memorandum, Contribution Agreement and risk disclosures in full before committing capital.
• Provide complete and accurate KYC documentation, and keep it current.
• Confirm eligibility to invest, including the applicable minimum commitment.
• Notify the Fund promptly of any change in contact, bank or tax details.
• Deal only with the Fund and its authorised representatives, and never transfer funds to an individual’s account.
• Raise any grievance through the mechanism set out above.

Investor complaints data

Disclosed in accordance with SEBI’s requirement for Alternative Investment Funds to publish investor complaints data on their website. The Fund has received no investor complaints to date.

Updated quarterly. Last updated 29 July 2026, for the quarter ended 30 June 2026.