Definitions, categories and scope
Classify Category I, II, III, Angel Fund, Social Impact Fund, LVF and accredited-investor structures.
Alternative Investment Funds Regulations, 2012
Reviewed by Ravi Sisodia · Last reviewed 24 July 2026
Current regulation hub for AIFs/managers, including regulation-wise controls, interpretation, examples, Q&A, forms and cross-law mapping.
2012Last amended 2026-04-18AIFs/managers
Current status
Regulation-wise control map
Numbering control: These professional units must be joined to exact numbered regulations, provisos and schedules from the official consolidated PDF before a page is labelled verbatim law.
Registration and eligibility
Apply Regulations 3–7 to constitution, sponsor/manager fitness, infrastructure, key personnel and conditions.
Governance and fiduciary responsibilities
Allocate sponsor, manager, trustee, investment-committee, custodian and compliance responsibilities.
Category investment and borrowing restrictions
Apply Regulations 15–18 and category-specific concentration, leverage, borrowing and portfolio conditions.
Placement memorandum and investor consent
Control Regulation 9 disclosure, scheme terms, side letters, material changes, conflicted transactions and consents.
Valuation, fees, expenses and conflicts
Apply valuation independence, fee allocation, expense disclosure, related-party and conflicted-transaction controls.
Reporting, audit and depository controls
Maintain investor, SEBI, depository, valuation, performance and audit reporting with data lineage.
Inspection, winding up and enforcement
Prepare for inspection, scheme extension/winding up, surrender, defaults and investor remediation.
Forms, PPM templates and Master Circular
Use current application, PPM, due-diligence, reporting and 3 June 2026 Master Circular requirements.
2026 amendment and transition controls
Map the 18 April and 14 July amendments, current Master Circular and any scheme-specific grandfathering.
Evidence and verification checklist
- Confirm the current, in-force text governing Alternative Investment Funds Regulations, 2012 on the official source linked above - the summary on this page is an implementation aid, not a substitute for it.
- Record the exact event/transaction date, since the applicable version of the law, form or threshold can change between the date of the underlying event and today.
- Preserve the primary documents (notices, applications, orders, acknowledgements) that would let a reviewer reconstruct how the facts were classified and what was actually done.
- Check for a State-specific rule, later amendment or binding judicial decision that may modify how this applies on your facts.
Before relying on this page
This page is a structured implementation summary, not the operative legal text. Portal or process acceptance of a filing does not by itself establish legal compliance - the underlying classification, authority, evidence and timeline still have to be independently correct. Where the facts are contested, high-value, or time-barred if delayed, verify the current position with the official source and, where appropriate, a qualified professional before acting.