New Delhi, Dec. 8 -- On 5th December, the Securities and Exchange Board of India (SEBI) floated a consultation paper on Alternative Investment Funds (AIFs). In it, the regulator proposed mandatory benchmarking of AIFs which have completed at least a 3 year history. Benchmarking is the comparison of an AIF's performance with a benchmark (such as an industry average or index) and allows an investor to understand whether the AIF has delivered outperformance or not. The benchmarking agencies are to be appointed by an industry body of AIFs which must include at least 50% of registered AIFs. The focus of large banks and wealth managers has increasingly turned to AIFs for HNI clients as commissions for mutual funds have shrunk due to SEBI mandat...