Master Circular for Alternative Investment Funds (AIFs)
Summary
This section introduces the Master Circular for Alternative Investment Funds (AIFs) issued by SEBI to consolidate various regulatory circulars. It supersedes the previous Master Circular dated May 07, 2024, and incorporates provisions from circulars issued up to July 30, 2026. The text also outlines the rescission of older circulars while preserving legal continuity for actions taken under them. This section lists Annexures 11 through 24, which provide various formats and lists related to AIF accreditation, compliance, and regulatory exemptions. It includes a comprehensive list of abbreviations used throughout the document, defining terms such as AIF, SEBI, and PPM. The text further outlines Chapter 1 requirements for AIF registration, covering online filing systems, certification mandates for key investment teams, in-principle approval conditions, and rules for changing AIF categories. This section outlines the procedural requirements for Alternative Investment Funds (AIFs) seeking to change their regulatory category, including application fees and investor withdrawal rights. It further clarifies that the Corporate Debt Market Development Fund is classified as a Category I AIF und
Text
SEBI has been issuing various circulars from time to time. In order to enable AIFs and other market stakeholders to have access to all applicable Circulars in the subject matter at one place, SEBI’s Master Circular No. SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39 for AIFs dated May 07, 2024 was issued as a compilation of such relevant circulars issued under SEBI (Alternative Investment Funds) Regulations, 2012 up to March 31, 2024.
The provisions of such circulars issued till May 31, 2026 have been incorporated in this Master Circular, which supersedes the Master Circular for AIFs dated May 07, 2024.
This Master Circular has been updated to incorporate the provisions of the circular no. HO/19/34/11(2)2026-AFD-POD1/I/13764/2026 dated June 16, 2026 on the subject ‘Guidelines for winding up of AIFs with respect to retention of proceeds and ‘Inoperative Fund’ status’ and the circular no. HO/19/19/11(2)2026-AFD-RAC2/I/17617/2026 dated July 30, 2026 on the subject ‘Green-Channel: AIF Rollout Upon Document Acknowledgement (GARUDA) Mechanism for Processing of Placement Memorandum of Alternative Investment Funds (AIFs) filed with SEBI’.
With the issuance of this Master Circular, all directions/instructions contained in the circulars listed out in Annexure 24 to this Master Circular shall stand rescinded to the extent they relate to AIFs.
Notwithstanding such rescission: a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b) any application made to SEBI under the rescinded circulars prior to such rescission, and pending before it, shall be deemed to have been made under the corresponding provisions of this Master Circular; and c) the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force.
The trustee / sponsor / manager of AIF, as the case may be, shall ensure that the ‘Compliance Test Report’ prepared by the manager of the AIF, in terms of para 21.2 of this Master Circular, includes compliance with the provisions of all chapters of this Master Circular.
This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
All applicants desirous of seeking registration as an Alternative Investment Fund (‘AIF’) are required to submit their applications only online, through the SEBI Intermediary Portal at https://siportal.sebi.gov.in. Further, all SEBI registered AIFs are required to file their compliance reports and submit applications for any request under the provisions of AIF Regulations and circulars issued thereunder, only through the SEBI Intermediary Portal.
In terms of Regulation 4(g)(i) of AIF Regulations, the key investment team of the Manager of an AIF shall have at least one key personnel with relevant certification as may be specified by SEBI from time to time, as an eligibility criterion for obtaining certification of registration as an AIF.
at least one key personnel, amongst the associated persons functioning in the key investment team of the Manager of Category I Alternative Investment Fund or Category II Alternative Investment Fund or Category I and II Alternative Investment Fund, shall obtain certification from the National Institute of Securities Market by passing either the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination... or the NISM Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination...
at least one key personnel, amongst the associated persons functioning in the key investment team of the Manager of Category III Alternative Investment Fund, shall obtain certification from the National Institute of Securities Market by passing either the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination... or the NISM Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination...
The requirement for at least one key personnel of the key investment team of manager of AIF to obtain the aforesaid certification, shall be applicable as an eligibility criterion to all the applications for registration of AIFs and launch of schemes by AIFs.
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Source: SecMarx — Master Circular for Alternative Investment Funds (AIFs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.