The Securities and Exchange Board of India has extended the deadline for angel funds registered on or before September 10, 2025, to implement the accredited investor mandate from September 8, 2026, to March 31, 2027. The extension provides additional time for these funds to comply with the revised angel fund framework introduced in September 2025 and incorporated into the alternative investment fund Master Circular. During the extended transition, affected angel funds may offer investment opportunities to no more than 200 non-accredited investors. After March 31, 2027, they may not accept contributions from non-accredited investors for investment in an investee company, while existing investors may retain investments already made under the fund's placement memorandum or other fund documents. The change takes immediate effect, and all other provisions of the Master Circular remain unchanged.
2026-09-07Securities & Exchange Board of India
Securities and Exchange Board of India extends accredited investor compliance deadline for existing angel funds to March 31, 2027
The Securities and Exchange Board of India has extended the accredited investor compliance deadline for angel funds registered on or before September 10, 2025, to March 31, 2027. These funds may offer opportunities to no more than 200 non-accredited investors during the transition and may not accept further contributions from them after the new deadline. Existing investments may continue under the applicable fund documents.