Date: 2026-07-10Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by Section 30(1) read with Section 11(1), Section 11(2)(ba), Section 11(2)(c), Section12(1) and Section12(1B) of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following
**Executive Summary**
The Securities and Exchange Board of India (SEBI) notified the Alternative Investment Funds (Second Amendment) Regulations, 2026, to refine the procedural framework for launching AIF schemes. Effective from July 10, 2026, these regulations introduce fee waivers for initial schemes, shorten filing timelines, and clarify the compliance responsibilities of managers and merchant bankers.
**Key Points / Main Content**
**Scheme Launch and Fee Requirements**
* Alternative Investment Funds (AIFs) are permitted to launch schemes only after filing a placement memorandum with SEBI and paying the fees prescribed in the Second Schedule.
* A newly introduced proviso exempts an AIF from paying scheme fees for the launch of its very first scheme.
**Filing Timelines and Documentation**
* The timeline for filing the placement memorandum has been reduced from thirty days to ten working days.
* Filings must now include specific documents as prescribed by the Board, replacing the general reference to fee-related filings in certain sub-regulations.
**Regulatory Oversight and Compliance**
* SEBI reserves the right to communicate comments on filed documents to either the merchant banker or the fund Manager.
* The merchant banker or Manager is now explicitly mandated to ensure that all comments provided by SEBI are fully complied with.
* The requirement to file certain documents "through a merchant banker" under Regulation 19D(4) has been removed, and Regulation 19D(5) has been omitted entirely.
**Exemptions for Specialized Funds**
* The requirement for SEBI to provide comments and the subsequent mandatory compliance (under Regulations 12(3) and 12(3A)) do not apply to "Accredited Investors only funds."
**Impact Analysis**
**Alternative Investment Funds (AIFs)**
**Impact**
New AIFs benefit from reduced operational costs due to the fee waiver on their first scheme. However, all AIFs face tighter deadlines for regulatory filings.
**Action Required**
Funds must align their launch schedules with the new ten-working-day filing timeline and ensure all Board-specified documents are prepared in advance.
**AIF Managers and Merchant Bankers**
**Impact**
There is a heightened level of accountability as they are now legally responsible for ensuring that SEBI’s comments are incorporated and followed. Certain procedural requirements regarding routing through merchant bankers have been eased.
**Action Required**
Managers and merchant bankers must establish robust mechanisms to track, address, and document compliance with SEBI's feedback on placement memoranda.
**Accredited Investors Only Funds**
**Impact**
These funds enjoy a streamlined process with exemptions from the standard regulatory comment and compliance cycle applied to general AIF schemes.
**Action Required**
Ensure the fund meets the criteria for "Accredited Investors only fund" to qualify for the specified exemptions under the amended Regulation 12.
Key Entities Referenced
Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2026: The primary regulatory amendment document updating rules regarding scheme fees, filing timelines, and compliance requirements for Alternative Investment Funds.
Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012: The principal policy framework governing the registration and operation of private investment vehicles in India, which is amended by this notification.
Securities and Exchange Board of India (SEBI): The statutory regulatory body and primary authority responsible for issuing these regulations and overseeing the securities market in India.
Securities and Exchange Board of India Act, 1992: The parent legislation that grants SEBI the legal power to frame and enforce regulations for the securities industry.
Accredited Investors only fund: A specific category of investment fund for qualified investors that is exempted from certain filing and commentary requirements under the new amendments.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-14072026-274483
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 448] िई ददपली, ि क्रिार, ि लाई 10, 2026/आषाढ 19, 1948 ष 22, 1947
No. 448] NEW DELHI, FRIDAY, JULY 10, 2026/ASHADHA 19, 1948 s 1947
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
म ंबई, 10 ि लाई , 2026
भारतीय प्रजतभजू त और जिजिमय बोडड
[आिक जपिक जिजिधाि (जिििे ) जिजधया]ाँ (दसू रा सिं ोधि) जिजियम, 2026
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2026/313- बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992
का 15) की धारा 11(1), धारा 11(2)(खक) एिं धारा 11(2)(ग) तथा धारा 12(1) एि ं धारा 12(1ख) के साथ िठित
धारा 30(1) द्वारा प्रदाि की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोड ड [आि कजपिक
जिजिधाि (जििेि) जिजधयााँ] जिजियम, 2012 का और संिोधि करि े के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत,् -
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड [आि कजपिक जिजिधाि (जििेि) जिजधयााँ] (दसू रा संिोधि)
जिजियम, 2026 कहा िा सकेगा ।
2. ये जिजियम रािित्र म ेंइिके प्रकाजित होिे की तारीख को लागू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड [आि कजपिक जिजिधाि (जििेि) जिजधयााँ] जिजियम, 2012 म,ें-
5264 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
I. जिजियम 12(1) म,ें िब्दों तथा जचह्िों “आि कजपिक जिजिधाि (जििेि) जिजध, बोड ड के िास स्ट्थािि ज्ञािि
दाजखल दकये िािे के अध्यधीि, स्ट्कीमें आरंभ कर सकेगी ।” के स्ट्थाि िर िब्द तथा जचह्ि “ए.आई.एफ.
(आि कजपिक जििेि जिजध) बोड ड के िास प्लेसमेंट मैमोरेंडम दाजखल करिे और दसू री अि सूची म ें बताई गई
फीस िमा करािे के बाद स्ट्कीमें ला सकेगा:” आ िाएाँग;े और
II. जिजियम 12 (1) के बाद, जिम्नजलजखत िरंत क िोडा िाएगा, अथाडत्,-
“िरंत यह दक ए.आई.एफ. द्वारा लाई िािे िाली िहली स्ट्कीम के मामले में स्ट्कीम फीस
अदा करिे की िरूरत िहीं होगी ।”
III. जिजियम 12(2) में,
i. िब्दों “तीस ददि” के स्ट्थाि िर िब्द तथा जचह्ि “दस काय-ड ददिस” आ िाएंग;े
ii. िब्दों तथा जचह्ि “दसू री अिस ूची में यथा जिधाडठरत फीस भी लगाई िाएगी:” के स्ट्थाि िर
िब्द तथा जचह्ि “बोड डद्वारा बताए गए दस्ट्तािेि भी लगाए िाएंगे ।” आ िाएंग;े और
iii. उि-जिजियम (2) के बाद ददया हुआ िरंत क हट िाएगा ।
IV. जिजियम 12(3) के स्ट्थाि िर जिम्नजलजखत उि-जिजियम आ िाएगा, अथाडत,् -
“(3) उि-जिजियम (2) म ें बताए गए दस्ट्तािेि बोडड के िास दाजखल करिे के बाद, बोडड मचेंट बैंकर
या प्रबंधक (मिै ेिर) को अििी ठटप्िजणयााँ (यदद कोई हों) सूजचत कर सकेगा ।”
V. जिजियम 12(3) के बाद और जिजियम 12(3) के िरंत क से िहले, जिम्नजलजखत िया उि-जिजियम िोडा
िाएगा, अथाडत,् -
“(3क) मचेंट बैंकर या प्रबधं क (मैिेिर) यह स जिजित करेगा दक उि-जिजियम (3) के अि सार िो
ठटप्िजणयााँ सूजचत की िाएाँ, उि िर अमल कर जलया िाए:”
VI. जिजियम 12(3) के बाद ददए हुए िरंत क में, िब्दों, जचह्िों तथा अंक “एिं उि-जिजियम (3) के तहत दी हुई
अिेक्षाएाँ अक्रेजडठटड जििेिकों के जलए ‘अत्यजधक जििेि करि े हते बिाए गए फंड’ (लािड िैपयू फंड) के प्रजत
लाग ू िहीं होंगी” के स्ट्थाि िर जचह्ि, िब्द तथा अंक “, उि-जिजियम (3) और उि-जिजियम (3क) के तहत दी
हुई अिक्षे ाएाँ “केिल अक्रेजडठटड जििेिकों हते बिाए गए फंड” (अक्रेजडठटड इन्िेस्ट्टसड ओिली फंड) के मामले म ें
लाग ूिहीं होंगी” आ िाएगं े ।
VII. जिजियम 19घ(4) में ददए हुए िब्द “मचेंट बैंकर के िठरए” हट िाएंगे ।
VIII. जिजियम 19घ (5) हट िाएगा ।
अजमत प्रधाि,कायडिालक जिदिे क
[जिज्ञािि-III/4/असा./217/2026-27][भाग III—खण् ड 4] भारत का रािित्र : असाधारण 3
ठटप्िणी:
भारतीय प्रजतभूजत और जिजिमय बोडड [आि कजपिक जिजिधाि (जििेि) जिजधया]ाँ जिजियम, 2012 (अजधसूचिा सं.
एल.ए.डी.-एि.आर.ओ./िी.एि./2012-13/04/11262) 21 मई, 2012 को भारत के रािित्र म ें प्रकाजित हुए थ,े और
िो अंजतम बार भारतीय प्रजतभूजत और जिजिमय बोडड [आिक जपिक जिजिधाि (जििेि) जिजधयााँ] (संिोधि) जिजियम,
2026 (सं. सेबी/एलएडी-एिआरओ/िीएि/2026/303) द्वारा संिोजधत हुए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th July, 2026
SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS)
(SECOND AMENDMENT) REGULATIONS, 2026
No. SEBI/LAD-NRO/GN/2026/313.— In exercise of the powers conferred by Section 30(1) read with
Section 11(1), Section 11(2)(ba), Section 11(2)(c), Section12(1) and Section12(1B) of the Securities and
Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to
further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations,
2012, namely, –
1. These Regulations may be called the Securities and Exchange Board of India (Alternative
Investment Funds) (Second Amendment) Regulations, 2026.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, –
I. In regulation 12(1), the symbol “.”, shall be substituted with the words and symbol “along
with the fees as specified in the Second Schedule:”
II. After regulation 12(1), the following proviso shall be inserted, namely, -
“Provided that payment of scheme fees shall not apply in case of launch of first scheme by
the Alternative Investment Fund.”
III. In regulation 12(2),
i. the words “thirty” shall be substituted with “ten working”;
ii. the words and symbol “fees as specified in the Second Schedule:” shall be
substituted with “documents specified by the Board.”; and4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
iii. the proviso after regulation 12(2) shall be omitted.
IV. Regulation 12(3) shall be substituted with the following, namely, -
“(3) After the documents specified under sub-regulation (2) are filed with the
Board, the Board may communicate its comments, if any, to the merchant banker
or the Manager.”
V. After regulation 12(3) and before the proviso to regulation 12(3), the following new sub-
regulation shall be inserted, namely, -
“(3A) The merchant banker or the Manager shall ensure that the comments
provided under sub-regulation (3) are complied with:”
VI. In the proviso after regulation 12(3), the words and symbols “and (3) shall not apply to
large value fund for accredited investors” shall be substituted with “, (3) and (3A) shall not
apply to Accredited Investors only fund”.
VII. In regulation 19D(4), the words “through a merchant banker” shall be omitted.
VIII. Regulation 19D(5) shall be omitted.
AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./217/2026-27]
Note:
The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
was published in the Gazette of India on May 21, 2012 vide notification No. SEBI/LAD-NRO/GN/2012-
13/04/11262 and was last amended by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2026 vide No. SEBI/LAD-NRO/GN/2026/303.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.