AIF news
A record of what changed in the Indian AIF regime, each item filed the day it changed. SEBI circulars and amendments, tax and FEMA changes that reach AIF structuring, tribunal and court rulings, and fund-level filings. Every item names the document it rests on and links to it. This beat is paused and nothing new is being filed.
This beat is paused. The last item was filed on 8 September 2026, and nothing that has happened since has been read or checked. Everything below is what it said on the day it was filed.
This is a record of what was filed, not a view on what to do about it. No item on this page carries a return, NAV or fee figure, because none is published for Indian AIFs.
8 September 2026
- SEBI gives pre-2025 Angel Funds until 31 March 2027 to go accredited-investor-only, a day before the old deadline fell
A circular of 7 September 2026 moves the accredited-investor mandate in para 8.1.2 of the AIF Master Circular from 8 September 2026 to 31 March 2027. The separate first-close deadline in para 8.2.2, which fell on the same day, is untouched.
3 sources
6 September 2026
- SEBI settles a pro-rata continuing-interest case against Modulus Alternatives Investment Managers, order dated 30 July 2026
A settlement order records that the manager of India Credit Opportunities Fund II funded a smaller share of its own commitment than other investors funded of theirs, from August 2023 until March 2025, and settles the proceedings for ₹10,87,500.
2 sources
3 September 2026
- NIIF announces a first close on NIIF Infrastructure Fund II, registered with SEBI on 30 June 2026
National Investment and Infrastructure Fund Limited said on 31 August 2026 that NIIF Infrastructure Fund II had reached a first close, anchored by the Government of India. SEBI's register lists the fund as an active Category II AIF, registration IN/AIF2/26-27/2231, valid from 30 June 2026.
2 sources
30 August 2026
- Satin Growth Alternatives announces a first close on its Category II AIF, registered with SEBI on 13 April 2026
A company press release of 28 August 2026 says Satin Growth Alternatives Limited reached a first close on a women-led Category II AIF. SEBI's register lists Satin Growth Alternatives Trust as an active Category II fund, registration IN/AIF2/26-27/2138, valid from 13 April 2026.
2 sources
28 August 2026
- CBDT substitutes the 'specified fund' definition in rule 157, the PAN exemption rule, to name Category I and Category II AIFs
Notification 94/2026 of 21 July 2026 replaces clause (c) of rule 157(5) of the Income-tax Rules, 2026. A specified fund now means an India-established Category I or Category II AIF regulated under the SEBI AIF Regulations, 2012 or the IFSCA Fund Management Regulations, 2022, or a fund referred to in Schedule VI [Note 1(g)] to the Income-tax Act, 2025.
2 sources
13 August 2026
- SEBI proposes letting AIF managers accredit their own investors, and would add a ₹5 crore securities-assets route to accredited status
A consultation paper issued 13 August 2026 puts ten proposals on the accredited investor framework: manager-led accreditation valid three years within a manager group, securities market assets as a third eligibility test, and deemed accredited status for every person resident outside India. Comments close 3 September 2026.
3 sources · updated 25 August 2026
6 August 2026
- SEBI's Annual Report for 2025-26 puts the AIF register at 1,829 funds as on 31 March 2026, up from 1,526
SEBI released its statutory Annual Report for FY 2025-26 on 6 August 2026. Chapter 5 records 1,829 registered Alternative Investment Funds as on 31 March 2026, commitments raised of ₹16,94,262 crore, and the year's ten AIF policy changes.
3 sources
15 July 2026
- SEBI settles a continuing-interest case against a Nippon India AIF: sponsor drawdown lagged investor drawdown for three quarters
A summary settlement order of 15 July 2026 records that the manager and sponsor of a Nippon India Equity Opportunities AIF scheme drew down a smaller proportion of their commitment than other investors did, and settles the proceedings for ₹14,66,250.
2 sources · updated 25 August 2026
10 July 2026
- SEBI's second amendment of 2026 rewrites how an AIF launches a scheme: fees at filing, ten working days, and comments the manager must comply with
The AIF (Second Amendment) Regulations, 2026, notified 10 July 2026, move scheme fees to the point of filing, exempt a fund's first scheme, cut the Board's window from thirty days to ten working days, and require the manager to comply with SEBI's comments.
2 sources · updated 25 August 2026
30 June 2026
- SEBI proposes a single 75% investor-consent threshold for AIFs and would replace 'associate' with 'related party' for conflicted transactions
A consultation paper issued 30 June 2026 puts eight proposals to the market: three permitted consent methodologies, a uniform 75% threshold by value, and a related-party definition borrowed from Section 2(76) of the Companies Act. Comments closed 21 July 2026.
2 sources · updated 25 August 2026
18 June 2026
- SEBI settles a winding-up delay case over Kshitij Venture Capital Fund: the scheme ran four years and eight months past its close
A summary settlement order of 18 June 2026 records that a Kshitij Venture Capital Fund scheme was not wound up within three months of its extended term ending in June 2013, and settles the proceedings against the investment manager for ₹10,87,500.
2 sources · updated 26 August 2026
16 June 2026
- SEBI defines the 'Inoperative Fund': no new schemes, no management fees, and an annual report on what is still being held
The circular of 16 June 2026 sets the conditions on which an AIF may retain liquidation proceeds beyond its permissible fund life, creates the application route for Inoperative Fund status, and states what such a fund may and may not do.
2 sources · updated 25 August 2026
4 June 2026
- SEBI cancels the registration of Argentum Dynamic Alternative Investment Fund for not filing four quarterly activity reports
An order of 4 June 2026 under section 12(3) of the SEBI Act cancels the Category III registration IN/AIF3/19-20/0713 after the fund filed no Quarterly Activity Report for any quarter of 2025 and did not answer the show cause notice.
2 sources · updated 26 August 2026
3 June 2026
- SEBI issues a new Master Circular for AIFs, superseding the 2024 compilation and consolidating everything up to 31 May 2026
The Master Circular dated 3 June 2026 replaces the one dated 7 May 2024, folds in every AIF circular issued to 31 May 2026, and has already been updated twice — for the winding-up guidelines of 16 June and the GARUDA mechanism of 30 July.
2 sources · updated 25 August 2026
30 April 2026
- SEBI's fast-track PPM mechanism of 30 April 2026: non-LVF schemes launch after 30 days, first close within 12 months
The circular of 30 April 2026 let Angel Funds and non-LVF schemes launch 30 days after filing unless advised otherwise, put the accuracy of PPM disclosures on the merchant banker and manager, and required a three-paragraph disclaimer in every non-LVF PPM.
2 sources · updated 25 August 2026
16 April 2026
- SEBI's April 2026 amendment creates the 'inoperative fund' tag and cuts the Angel Fund investor threshold from two lakh to one thousand
The AIF (Amendment) Regulations, 2026, notified 16 April 2026, insert regulation 29(10A) allowing an AIF to be tagged inoperative, make winding-up distributions subject to conditions the Board may specify, and change one number in the third proviso to regulation 10(c).
2 sources · updated 25 August 2026
4 March 2026
- SEBI replaces quarterly AIF reporting with an annual report plus a limited quarterly one, from March 2026
A circular of 4 March 2026 supersedes Clause 15.1 of the 2024 Master Circular. AIFs now file a comprehensive Annual Activity Report within 30 days of March year-end and a limited Quarterly Activity Report within 15 days of other quarters, both on the SEBI Intermediary Portal.
2 sources · updated 25 August 2026
6 February 2026
- AIFs must upload unit values to the depositories, with a disclaimer that the figure is the fund's own
A circular of 6 February 2026 requires AIFs, through their RTAs, to upload the latest available unit value against each ISIN in the depository system, and requires depositories to display a disclaimer that the figure rests on the fund's own valuation methodology.
2 sources · updated 25 August 2026
5 February 2026
- SEBI's February 2026 consultation on winding up AIFs, and how closely the final rules followed it
The consultation paper of 5 February 2026 put five proposals on retention of proceeds and an 'inoperative' status for AIFs. Comments closed 26 February. By June every proposal had become a rule, largely unchanged.
2 sources · updated 25 August 2026
14 January 2026
- A settled SEBI case turns on one arithmetic question: may a realised gain be added back to an AIF's corpus?
Abans Alternative Fund Managers LLP and Abans Investment Trust settled proceedings over an alleged breach of the 25% concentration limit, after a gain on liquidated investments was added to the corpus and the limit calculated on the larger figure.
2 sources · updated 25 August 2026
30 December 2025
- Compliance officers of AIF managers must clear the NISM Series-III-C exam to hold the post from 1 January 2027
A circular of 30 December 2025 specifies the eligibility criterion under regulation 20(18): the compliance officer of an AIF manager must pass the NISM Series-III-C Securities Intermediaries Compliance (Fund) Certification Examination.
2 sources · updated 25 August 2026
10 September 2025
- SEBI's Angel Fund overhaul: accredited investors only, no schemes, a one-year lock-in and a ₹25 crore cap per investee
The circular of 10 September 2025 rebuilt the Angel Fund framework. Angel Funds raise only from accredited investors, invest directly rather than through schemes, lock investments in for a year, and become a Category I sub-category of their own.
2 sources · updated 8 September 2026
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