The Securities and Exchange Board of India (SEBI) issued a circular requiring Alternative Investment Funds (AIFs) to report the latest available net asset value (NAV) for each ISIN of AIF units into the depository system, using registrars and transfer agents (RTAs), to support transparency and operational efficiency for dematerialised AIF units. AIFs must upload NAVs before 1 May 2026, or within 30 days from the valuation date of the investment portfolio, whichever is later. The valuation date is defined as the date of the valuation report where an independent valuer is used, or the date the valuation is documented in the fund’s internal records where an internal valuer is used; the AIF manager is responsible for timely and accurate uploading. Depositories must build the infrastructure to accept NAV uploads and display them with a prescribed disclaimer, amend relevant bye-laws and rules to implement the framework, and notify and disseminate the requirements to their participants. The trustee or sponsor, as applicable, must ensure the manager’s Compliance Test Report includes compliance with the circular, which is in force with immediate effect.
Securities & Exchange Board of India 2026-02-06
Securities and Exchange Board of India mandates Alternative Investment Funds to upload unit NAVs to depositories by 1 May 2026
SEBI mandates Alternative Investment Funds (AIFs) to report the latest net asset value (NAV) for each ISIN of AIF units into the depository system by 1 May 2026 or within 30 days from the valuation date, to enhance transparency and operational efficiency. Depositories must develop infrastructure for NAV uploads, amend rules, and ensure dissemination of requirements, while trustees or sponsors must verify compliance in the manager’s Compliance Test Report.