AIF

Domestic investors pumped Rs 1.14 lakh crore into AIFs in 18 months to September 2025, reflecting that the industry is building a locally-anchored capital base, a report by Crisil said. Domestic investors accounted for 55.3 per cent of category I and II AIF capital in September 2025, up from 50.3 per cent in March 2024, with an incremental inflow of Rs 1.14 lakh crore over the period intervening, the report added. "That indicates the industry is building a more self-sustaining, locally anchored capital base, reducing its reliance on foreign capital," according to the third edition of 'No Ifs About AIFs', a benchmark-led assessment of India's AIF ecosystem by Oister Global and Crisil Limited. Cumulative alternative investment fund (AIF) commitments across Categories I, II and III reached Rs 15.05 lakh crore as of September 2025, clocking a compound annual growth rate of 30.7 per cent between fiscal 2021 and the first half of fiscal 2026, it highlighted. On the outcome, the report sa

Likely amendments may ease compliance, enable greater foreign inflows

The market regulator on Friday simplified the accreditation process for investors for alternative investment funds

JM Financial Asset Management Company is expanding its Alternative Investment Fund (AIF) platform with the launch of Rs 1,000 crore early-stage real estate fund to address the sector's financing gap. "Our objective is to build a comprehensive AIF ecosystem that supports India's next phase of enterprise growth. We are creating strategies that are thematic, real asset-?backed and focused on non-traditional opportunities," JM Financial Asset Management Ltd MD and CEO Amitabh Mohanty told PTI. The AIF platform will offer specialised pools of capital across credit, real estate and pre-IPO opportunities, he said. JM Financial has launched its early-stage real estate (RE) fund, which capitalises on the group's expertise and track record over more than a decade managing real estate credit, he said, adding that the fund aims to bridge the capital gap that traditional lenders are unable to address due to regulatory constraints. The fund aims to raise Rs 1,000 crore, with likely first close o

Markets regulator Sebi on Monday issued modalities for migration of existing Alternative Investment Fund (AIF) schemes into accredited investor only (AI-only schemes) or Large Value Funds (LVFs). This migration is subject to obtaining positive consent from all the investors and meeting the respective conditions, Sebi said in its circular. This came after Sebi, in November, amended rules and facilitated the introduction of a separate category of AIF schemes, limited exclusively to Accredited Investors only (AI-only schemes), and offered the scheme-specific regulatory flexibilities in terms of less compliance around investor protection and extended additional relaxations and operational flexibilities to Large Value Funds for accredited investors. In its circular, Sebi said that any new scheme proposed to be launched as an AI-only scheme or LVF will have the words 'AI only fund' or 'LVF' added to the scheme name at the end, respectively. Such conversion and change in the name of the .

India's small and midcap profit pools are expanding faster than large-caps, driven by the manufacturing, capital goods, and infrastructure upcycle

Erstwhile Indiabulls Asset Management Company (now known as Groww AMC), its schemes and former officials on Wednesday settled a case with Sebi pertaining to alleged violations of alternative investment fund rules after collectively paying Rs 1.43 crore. Those who settled the case are Indiabulls AIF, Indiabulls Dual Advantage Real Asset Fund (IBDARA), Indiabulls Real Estate Fund (IBREF), Ambar Maheshwari, Amit Jain and Parth Muria, according to a Sebi order. The case pertains to applicants allegedly violating the AIF Regulations way back in 2017. In 2023, Indiabulls AMC was acquired by fintech firm Groww. It had three business verticals -- mutual fund business, alternative investment fund business and portfolio management business. "In view of the acceptance of the settlement terms and the receipt of the settlement amount (Rs 1.43 crore)...by Sebi, the instant adjudication proceedings initiated against the applicants vide SCN (show cause notice) dated September 26, 2024, are dispos

Capital markets regulator Sebi has proposed a separate category of Alternative Investment Fund (AIF) schemes, consisting of accredited investors, which will enjoy a lighter-touch regulatory framework compared to regular AIFs. In a consultation paper issued on Friday, Sebi suggested that such accredited investors (AI-only schemes) could be allowed certain flexibilities, given that accredited investors are deemed to have the knowledge, financial capacity and risk appetite to make informed investment decisions without the same level of regulatory safeguards required for retail participants. The proposal includes exemptions from requirements such as maintaining pari-passu rights among investors, NISM certification for key investment team members, and the current limit of 1,000 investors per scheme, the regulator said. These schemes could also extend their tenure by up to five years, subject to investor approval, and in the case of trust-structured AIFs, managers could take over certain

Sebi's latest consultation paper has proposed gradual transition from the traditional minimum commitment threshold to using only accreditation status as the metric for investor sophistication in AIFs

RBI caps exposure at 20% for banks, NBFCs in AIF schemes, excluding equity investments from provisions, with new guidelines effective from January 2026

Sebi executive director says AIFs must align with global ESG norms as 40 per cent of capital comes from foreign investors expecting high disclosure standards

Capital markets regulator Sebi has imposed penalties totalling Rs 29 lakh on six entities, including India Asset Growth Fund, its manager Essel Finance Advisors and Managers, and trustee Vistra ITCL (India) for multiple violations of AIF rules. The regulator levied a fine of Rs 11 lakh on IAGF, Rs 10 lakh on Arpan Sarkar and Jaykishan Kikani (jointly and severally), Rs 6 lakh on Vistra ITCL (India), and Rs 2 lakh on Essel Finance Advisors and Managers (EFAM), its Chief Executive Officer Vishnu Prakash Rathore (jointly and severally). The regulator, in a 39-page order, found the entities guilty of serious lapses in regulatory compliance during the inspection period from April 2021 to March 2022, Sebi said in the order on Friday. The markets watchdog observed that India Asset Growth Fund (IAGF) failed to disclose disciplinary actions and litigation history of its sponsor, manager, trustee, and key officials in its placement memorandum (PPM), as mandated under the norms. Later, the fu

Market outlook: Amid the ongoing conflict in West Asia, surging crude oil prices could pose risk to India's economic stability, Smallcaps preferred over midcaps: PGIM

Rising volatility and evolving macro trends are driving HNIs to invest more in AIFs, which reached ₹5.38 trillion by March 2025, as they move beyond traditional asset classes

Union Cooperation Minister Amit Shah on Monday called for immediate action to expand the loan facility to Primary Agricultural Credit Societies (PACS), under the Agriculture Infrastructure Fund (AIF), to improve their financial condition. Reviewing the scheme to build the world's largest cooperative food grain storage network, Shah emphasised the extensive involvement of PACS in the food storage scheme. "It is necessary to make PACS an integral part of this scheme so that the financial viability and social effectiveness of PACS can be ensured," he said. Shah directed the Ministry of Food and Public Distribution and Food Corporation of India (FCI) to conduct national-level mapping of warehouses across the country, so that the implementation of the scheme can be done smoothly as per regional requirements, according to an official statement. The minister also instructed FCI, National Cooperative Consumers' Federation (NCCF), National Agricultural Cooperative Marketing Federation (NAFE

IVCA has urged all legacy VCFs, especially those who are holding residual assets, to immediately evaluate their eligibility and apply to SEBI for migration before the due date

The RBI has proposed capping investment by regulated entities in AIF schemes at 15%, with a 10% ceiling per entity, while also allowing exemptions for strategic funds

Operational noise disrupts capital flow; industry demands an inter-regulatory bridge

Securities and Exchange Board of India (Sebi) has sought public comments till May 30 on the proposals.

Sebi observed that Finideas Growth Fund, an AIF, exceeded the permissible investment cap of 10% of its net investable funds in a single company between May 31, 2023, and July 31, 2023