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INDEX
SEBI UPDATES
- Framework for reporting of value of AIF units to depositories
- Disclosure by SEBI regulated entities and their agents on social media platforms
RBI & IFSC UPDATES
- IFSCA issues directions for obtaining ISIN from a recognised depository in IFSC
- RBI introduces amendment to the Borrowing and Lending Regulations, 2018
- IFSCA specifies the format of the net worth certificate and checklist for conducting audit of GAPs
- IFSCA specifies the process for unified registration for multiple capital market activities under the CMI Regulations
LABOUR UPDATES
- Government clarifies functions of tribunals and authorities under the Industrial Relations Code
OTHER UPDATES
- DPIIT amends the definition of startups
- Accessibility of content enhanced for persons with hearing and visual impairment
- Government tightens regulatory framework on AI-generated content
- Ministry of Civil Aviation notifies the Aircraft (Carriage of Dangerous Goods) Rules, 2026
SEBI UPDATES
FRAMEWORK FOR REPORTING OF VALUE OF AIF UNITS TO DEPOSITORIES
Securities and Exchange Board of India ("SEBI"), vide its circular dated February 6, 2026, has prescribed the norms for reporting the value of units of Alternative Investment Funds ("AIFs") to depositories.
As per the SEBI (Alternative Investment Funds) Regulations, 2012 ("AIF Regulations"), AIFs are permitted to raise funds from Indian, foreign and non-resident Indian investors through the issuance of units. The value of such units issued by AIFs is calculated based on the valuation of the investment portfolio of the AIF/ scheme of the AIF. Category I and Category II AIFs are required to undertake independent valuation at least once every 6 months, which can extend to 1 year with the approval of at least 75% of investors by value of their investment in the AIF. As per the AIF Regulations, Category III AIFs are required to ensure that the calculation of Net Asset Value ("NAV") is independent from the fund management function of the AIF and disclose the NAV at least quarterly for close-ended funds and monthly for open-ended funds to the investors. Further, SEBI had also mandated all AIF units to be issued in dematerialized form.
In furtherance of the foregoing, to leverage the depository infrastructure for enhancing transparency and operational efficiency, and to facilitate system readiness of AIFs, Registrars and Transfer Agents ("RTAs") and depositories, SEBI has specified the following:
- AIFs, through their RTAs, shall upload the latest available NAV for each International Securities Identification Number ("ISIN") of units of the AIF in the depository system by May 1, 2026, or within 30 days from the date of valuation, whichever is later. The manager of the AIFs shall be responsible for ensuring timely and accurate uploading of the NAV. For this purpose, the date of valuation shall be, in case the valuation is carried out by:
- independent valuer - the date of the valuation report; and
- internal valuer - the date on which the valuation is recorded in the fund's internal
- The depositories are required to build the infrastructure for uploading the NAV by RTAs and ensure its reflection in the depository system and display a standard disclaimer clarifying that 'NAV being shown is on the basis of valuation methodology and accounting practice followed by your respective AIF. Please refer to your fund documents for more details.'
To read the circular click here.
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