New Delhi, March 4: In a significant move to streamline regulations and enhance the ease of doing business, the Securities and Exchange Board of India (SEBI) has introduced key changes to reporting requirements for Alternative Investment Funds (AIFs). The new circular, effective immediately, replaces frequent quarterly submissions with a more manageable annual reporting framework.
Previously, AIFs were required to file detailed activity reports within 15 days after each quarter’s end using formats hosted on the Indian Venture and Alternate Capital Association (IVCA) website. Under the updated norms, this burden has been lightened considerably.
Now, AIFs must submit a comprehensive Annual Activity Report at the close of each financial year (April to March). This report is due within 30 calendar days from March 31 and will be uploaded online via the SEBI Intermediary Portal (SIP). The inaugural annual report, covering the financial year ending March 2026, must be filed by May 31, 2026.
In addition, a simplified Limited Quarterly Activity Report will be required, also submitted online through the SIP within 15 days of each quarter’s end in a revised format. The first quarterly report applies to the quarter ending June 2026. Notably, no separate quarterly report is needed for the March-ending quarter, as its data will be incorporated into the annual submission.
These reforms reflect the evolving dynamics of the AIF sector. The revised reporting formats were developed in consultation with the AIF Standards Forum under IVCA, following recommendations from SEBI’s Ease of Doing Business Working Group. The new formats will be available on the IVCA website within three days of the circular’s issuance, with IVCA assisting AIFs in compliance.
This circular supersedes Clause 15.1 of Chapter 15 in SEBI’s Master Circular dated May 7, 2024. By reducing compliance frequency while maintaining oversight, SEBI aims to protect investors, foster market growth, and strengthen regulatory efficacy. The full circular is accessible on SEBI’s website under ‘Legal Framework – Circulars’ and ‘Alternative Investment Funds’ sections.