Securities and Exchange Board of India (“SEBI”), vide its circular dated December 30, 2025, has mandated the requirement of National Institute of Securities Market (“NISM”) certification for the compliance officers of the manager of Alternative Investment Funds (“AIFs”). As per Regulation 20(17) of SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”), the manager shall appoint […]
Securities and Exchange Board of India (SEBI), vide its notification dated November 18, 2025, has notified the SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2025 (“AIF Amendment Regulations”), thereby amending the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Principal Regulations”). SEBI has outlined a framework for Alternative Investment Funds (“AIFs”) catering only to accredited investors. […]
Securities and Exchange Board of India (“SEBI”), vide its circular dated October 15, 2025, has relaxed the timeline to disclose the allocation methodology in their Private Placement Memorandum (“PPM”). Existing angel funds are required to disclose a defined methodology in their PPMs for the purpose of allocating the investment among angel investors who provide approval […]
Securities and Exchange Board of India (“SEBI”), vide its notification dated September 8, 2025, has notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2025 (“AIF Amended Regulations”), thereby amending the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). The AIF Amended Regulations define and establish a framework for co-investment schemes by adding Regulation 17A […]
Reserve Bank of India (“RBI”), vide its notification dated July 29, 2025, has issued the RBI (Investment in Alternative Investment Funds) Directions, 2025 (“AIF Directions”) by repealing its erstwhile circulars on Investments in Alternative Investment Funds (“AIFs”) dated December 19, 2023 and March 27, 2024, respectively (collectively referred to as the “AIF Circulars”). The AIF […]
Securities and Exchange Board of India (“SEBI”), vide its notification dated May 10, 2024, had notified that at least one key personnel, amongst the associated persons functioning in the key investment team of the investment manager of an Alternative Investment Fund (“AIF”), had to obtain certification from the National Institute of Securities Market (“NISM”) by […]
