New Delhi, Dec. 4 -- A top committee at the Securities and Exchange Board of India (Sebi) is close to deciding whether alternative investment funds (AIF) should be allowed to fully certify accredited investors. The AIF industry has pressed for such authority on the lines of how it is done in GIFT City, two industry executives said on the condition of anonymity.

Accredited investors are individuals or entities presumed to have sufficient financial knowledge to understand high-risk products, meeting specific income or net-worth thresholds. Certification as an accredited investor is currently handled only by designated accreditation agencies, which include subsidiaries of stock exchanges and depositories.

"The industry has asked Sebi to al...