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The Securities and Exchange Board of India (“SEBI”) by way of circular dated 04.03.20261 (“AIF Circular”), has revised the regulatory reporting framework applicable to Alternative Investment Funds (“AIFs”). The AIF Circular supersedes the provisions under Clause 15.1 of the “Reporting by AIFs” of the Master Circular for Alternative Investment Funds dated 07.05.2024 (“Master Circular for Reporting by AIFs”).
SEBI has replaced the existing quarterly reporting requirement under the Master Circular for Reporting by AIFs, with a two-tier reporting structure, namely:
- a comprehensive Annual Activity Report to be submitted by all AIFs on the SEBI Intermediary Portal ("SI Portal") within 30 calendar days from the end of March of every financial year, with the first such report due by 31.05.2026 for the year ending March 2026; and
- a limited Quarterly Activity Report to be submitted on the SI Portal within 15 calendar days from the end of each quarter (excluding the March quarter, which is covered by the Annual Activity Report), with the first such quarterly report due for the quarter ending June 2026.
The revised reporting formats are to be made available on the website of the Indian Venture and Alternate Capital Association ("IVCA") within 3 (three) days from the date of issuance of the AIF Circular, and IVCA has been directed to assist AIFs in understanding and complying with the revised reporting requirements. The provisions of this AIF Circular shall come into force with immediate effect.
Footnote
1. SEBI Regulatory Reporting by AIFs
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