The Securities and Exchange Board of India has introduced operational rules for the Green-Channel: AIF Rollout Upon Document Acknowledgement mechanism, accelerating the launch of Alternative Investment Fund (AIF) schemes after their private placement memorandums (PPMs) are filed. Regular schemes may circulate their PPMs to solicit funds 10 working days after filing with SEBI unless otherwise advised. A first scheme may launch on the later of the AIF’s registration date or 10 working days after filing. Regular-scheme PPMs must be filed through an independent SEBI-registered merchant banker, which must conduct due diligence and certify the adequacy and accuracy of disclosures. Accredited Investor-only funds and Large Value Funds for Accredited Investors, where each investor commits at least INR 25 crore, may launch immediately after filing their PPMs. Their first schemes, and Angel Funds, may launch from the date of registration. These categories do not need to file through a merchant banker, but their manager’s chief executive and compliance officer must provide an undertaking. Managers and merchant bankers, where applicable, are accountable for disclosure failures. The circular takes immediate effect and applies to PPMs filed from July 14, 2026. New Accredited Investor-only and Large Value Fund schemes must add “AI only fund” or “AIOF,” or “LVF,” respectively, to their names.

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