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In the January edition of our monthly newsletter "Legalaxy", our team analyses some of the key developments in securities market, corporate, finance and labour.
Below are the key highlights of the newsletter:
SEBI UPDATES
- SEBI simplifies accreditation norms for accredited investors under the AIF framework
RBI & IFSC UPDATES
- RBI notifies the Foreign Exchange Management (Guarantees) Regulations, 2026
- RBI notifies the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026
- IFSCA clarifies on filing of scheme application under third-party fund management arrangement
- IFSCA notifies the Fund Management Amendment Regulations, 2026
ENVIRONMENTAL UPDATES
- MoEFCC notifies the Environmental (Protection) Fund Rules, 2026
- The Water Pollution (Grant, Refusal or Cancellation of Consent) Guidelines, 2025 and the Air Pollution (Grant, Refusal or Cancellation of Consent) Guidelines, 2025 – Amended
- Common effluent treatment plants exempted from obtaining prior environmental clearance
- MoEFCC notifies the Solid Waste Management Rules, 2026
SEBI UPDATES
SEBI SIMPLIFIES ACCREDITATION NORMS FOR ACCREDITED INVESTORS UNDER THE AIF FRAMEWORK
Securities and Exchange Board of India ("SEBI"), vide its circular dated January 9, 2026, has simplified the requirements for grant of accreditation to investors. Accredited Investor ("AI") framework was introduced by way of an amendment to the SEBI (Alternative Investment Funds) Regulations, 2012 ("AIF Regulations"), notified on August 3, 2021. Further, various modalities in this regard were specified vide SEBI circular dated August 26, 2021, which is subsumed in Chapter 12 of the master circular for Alternative Investment Funds ("AIFs") dated May 7, 2024. Subsequently, simplification requirements for the grant of accreditation to investors were issued vide SEBI circular dated December 18, 2023. In this regard, SEBI has now further simplified the requirements.
The key changes introduced are as follows:
- Flexibility for pending accreditation certificate: SEBI has now permitted investment managers to finalise/ execute the contribution agreement and initiate related operational procedures even before the formal issuance of an accreditation certificate, subject to specified safeguards. While contribution agreements may be executed based on the investment manager's assessment of an investor's eligibility, such investor commitments cannot be counted towards the scheme's corpus until the accreditation certificate is formally issued. Further, schemes of AIFs shall receive funds from such investors only after they obtain an accreditation certificate from an accreditation agency.
- Simplification of net-worth documentation: SEBI has significantly eased the documentation requirements for accreditation based on net-worth criteria by removing the earlier requirement to submit a detailed break-up of net worth as an annexure to the net-worth certificate. It is now optional for the chartered accountant to mention the actual net-worth amount in the certificate, and the chartered accountant may simply certify whether the applicant meets the specified threshold.
To read the circular click here
To read this Newsletter in full, please click here.
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