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Alternative Investment Funds
Markets regulator Sebi on Wednesday extended the timeline to January 31, 2026, for disclosing the allocation methodology by angel funds in their Private Placement Memorandum (PPM). Earlier, the deadline was October 15. "Based on representation from the AIF industry requesting additional time to meet this requirement, it has been decided to extend the said timeline to January 31, 2026, for ease of compliance," Sebi said in its circular. Accordingly, allocation of any investment made by existing angel funds post January 31, 2026, should be in accordance with the defined allocation methodology disclosed in their PPMs. Under the Sebi's framework, angel funds will have to disclose a defined methodology in their PPMs for the purpose of allocating the investment among angel investors who provide approval for such investment. In September, the regulatory framework for angel funds was revised under AIF (alternative investment fund) norms. As part of the revised framework to streamline ...
To promote transparency in the Alternative Investment Fund (AIF) ecosystem, Sebi on Friday proposed that AIFs should regularly update the net asset value (NAVs) of their units in the depository system. In its draft circular, Sebi has "proposed to leverage upon the depository infrastructure such that AIFs may be required to maintain updated NAV of the units issued to investors based on valuation of their investments in the depository system". Further, Sebi proposed that AIFs or their Registrar and Transfer Agent (RTA) should upload the NAV of ISINs of all AIF units in the depository system, within 15 days of valuation of the investment portfolio. The valuation date will be taken as the date of the valuation report if done by an external valuer, and as the date it is recorded in the fund's internal records if done by an internal valuer. For existing schemes of AIFs, Sebi said that AIFs or their RTAs should upload the latest NAV of ISINs pertaining to all AIF units in the depository .
Markets regulator Sebi on Friday extended the additional liquidation timeline by one year till July 2026 for venture capital funds (VCFs) transitioning to alternative investment funds rules. Sebi, in August 2024, issued modalities and conditions for VCFs to migrate to the Alternative Investment Funds (AIFs) rules. This also allowed VCFs, with at least one scheme not yet wound up after the end of their liquidation period, an additional liquidation period until July 19, 2025, if they migrate to AIF Regulations. Based on industry feedback and to facilitate migration, Sebi has now extended this additional liquidation period to July 19, 2026, according to a circular issued on Friday. A 'Migrated VCF' is a VCF that transitions to become a sub-category of VCF under Category I - Alternative Investment Fund as per the AIF norms. The market watchdog reiterated that VCFs' transition to AIF regulations are given an additional liquidation period till July 19, 2025. On application requirements,
Markets regulator Sebi on Tuesday extended the deadline to July 31 for the certification requirement for Alternative Investment Fund (AIF) managers. Under the rules, the key investment team of an AIF manager is required to have at least one member certified as specified by Sebi. From May 10, 2024, the required certification is the NISM Series-XIX-C: AIF managers certification examination. Earlier, Sebi allowed existing AIF schemes as of May 13, 2024, and schemes pending approval (as of May 10, 2024) until May 9, 2025, to obtain this certification. "Based on representation received from the AIF industry, and with the objective of providing ease of compliance to the AIF industry, it has been decided to extend the said timeline from May 9, 2025, to July 31, 2025, to obtain the requisite NISM certification," according to a Sebi circular. This extension is effective immediately, it added.