4 June 2026
SEBI cancels the registration of Argentum Dynamic Alternative Investment Fund for not filing four quarterly activity reports
Why did SEBI cancel Argentum Dynamic Alternative Investment Fund's registration?
SEBI found that the fund had not filed its Quarterly Activity Reports for the quarters ending March, June, September and December 2025. It issued a show cause notice on 24 April 2026, received no reply, and on 4 June 2026 cancelled certificate of registration IN/AIF3/19-20/0713 under section 12(3) of the SEBI Act read with regulation 30A of the Intermediaries Regulations.
What happened
SEBI passed an order on 4 June 2026, reference CGM/HO/AFD/I/13118/2026, signed by S Madhusudhanan as Designated Authority, cancelling the certificate of registration of Argentum Dynamic Alternative Investment Fund.
The order is made under section 12(3) of the SEBI Act, 1992 read with regulation
30A of the SEBI (Intermediaries) Regulations, 2008. The fund held
registration number IN/AIF3/19-20/0713, the
AIF3 element marking it a Category III AIF.
The filing that was missed
Every registered AIF reports on its activity to SEBI each quarter, within 15 calendar days of the quarter ending. The order grounds that duty in regulation 28 of the AIF Regulations, 2012 read with clause 15.1.1 of the Master Circular dated 7 May 2024, filed on the SEBI Intermediary Portal in the format the industry associations IVCA and Equalifi host, as mandated by a circular of 31 July 2017.
SEBI records that the fund filed no such report for four consecutive quarters:
| Quarter ending | Quarterly Activity Report |
|---|---|
| March 2025 | Not filed |
| June 2025 | Not filed |
| September 2025 | Not filed |
| December 2025 | Not filed |
The order also quotes regulation 35(1) of the AIF Regulations, which brings an AIF that "does not submit periodic returns or reports as required by the Board" within the Intermediaries Regulations.
How the proceeding ran
SEBI issued a show cause notice on 24 April 2026 by registered post to the fund's last known address in Gurugram. It came back undelivered. A scanned copy was emailed and delivered on 11 May 2026, and SEBI treated service as complete on that basis. No reply was received.
Regulation 30A allows the competent authority to proceed on the record where no written submission is filed, and grants no personal hearing. SEBI did so, found the violation established, and cancelled the registration with immediate effect.
What it shows
This is the enforcement floor of the reporting regime rather than a dispute about one. The quarterly activity report is the same filing SEBI restructured in March 2026 into an annual return plus a narrower quarterly one, and the Master Circular the order cites has since been replaced by the June 2026 edition.
What is not settled
The order cancels a registration. It does not address what becomes of the fund's assets or its investors, and it does not say whether the fund was still operating. SEBI's June 2026 winding-up and inoperative-fund guidelines deal with funds that stop reporting, but this order invokes none of them and this page will not read them into it.
Sources
- Order in the matter of Argentum Dynamic Alternative Investment Fund — CGM/HO/AFD/I/13118/2026 — SEBI, 4 June 2026 · primary
- Order under section 12(3) of the SEBI Act read with regulation 30A of the Intermediaries Regulations, full text, 5 pages — SEBI, 4 June 2026 · primary
Dated 4 June 2026, last checked against source 26 August 2026. The dateline is the date of the instrument this item reports, not the date the page was written. This page reports what a document says. It is information, not legal, tax or investment advice, and it is not a recommendation about any fund.