AIF applications pile up due to rejig at Sebi, even as regulator turns wary

Longer-than-expected wait time leads to delay in fund launches

Applications for setting up an Alternate Investment Fund (AIF) have piled up before the Securities and Exchange Board of India (Sebi). Bulk of the over two dozen applications filed with the regulator between August 2022 and December 2022 are yet to get the green signal.

A cautious approach and an internal rejig has led to stretched timelines, say industry players and legal experts.

As of February 28, a total of 54 applications for AIFs were under process. Of this, 24 applications were made before December 2022 including that from WhiteOak Capital, ICICI Securities AIF Trust, Piramal Alternatives India Access Trust,