The Securities and Exchange Board of India has issued an updated master circular for Alternative Investment Funds that compiles all relevant circular provisions issued under the AIF Regulations through May 31, 2026 into a single reference document. The circular supersedes SEBI’s May 7, 2024 master circular for AIFs and is addressed to AIFs, custodians, depositories and registrars to an issue and share transfer agents. The consolidated framework covers registration and scheme launch, fundraising, investment conditions including overseas investments and co-investment, category-specific norms, investor accreditation, operational requirements such as dematerialisation, governance and valuation, reporting and disclosure, and winding-up and migration of venture capital funds to the AIF regime. SEBI also rescinded the directions listed in Annexure 21 to the extent they relate to AIFs, while preserving prior actions, pending applications, accrued rights and liabilities, penalties and ongoing proceedings under those earlier circulars. In addition, the trustee, sponsor or manager, as applicable, must ensure the manager’s Compliance Test Report includes compliance with all chapters of the master circular.

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