**Summary:**
This circular, issued by the Securities and Exchange Board of India (SEBI) on September 14, 2023, outlines revisions to the regulatory reporting requirements for Alternative Investment Funds (AIFs). The circular, referenced as SEBI/HO/AFD/SEC/CIR/2023/0155, mandates that AIFs submit quarterly reports to SEBI in a revised format, as per Regulation 28 of the SEBI AIF Regulations, 2012, and Clause 15.1 of the SEBI Master Circular for AIFs dated July 31, 2023.
The revised reporting format aims to standardize compliance, ease the reporting process, and facilitate regulatory oversight. The Indian Venture and Alternate Capital Association (IVCA) and Equalifi ("the association") will host the revised format on their websites and assist AIFs in understanding and complying with the new requirements.
AIFs must submit the quarterly reports online via the SEBI Intermediary Portal (SI Portal) within 15 calendar days of each quarter's end. To facilitate a smooth transition, AIFs are expected to conduct a trial run by submitting the report for the June 2023 quarter in the revised format by October 15, 2023. Mandatory submission in the revised format begins with the quarter ending September 30, 2023, with a submission deadline of November 15, 2023. The association and any AIF Standard Setting Forum, in consultation with SEBI, will periodically review the reporting format, with revisions announced at least one month prior to the end of the relevant quarter.
This circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect investor interests and regulate the securities market. The circular is available on the SEBI website (www.sebi.gov.in) under "Legal Framework Circulars" and "Info for Alternative Investment Funds". For further information, contact Rajesh Gujjar, General Manager, at rajeshg@sebi.gov.in or +91 22 26449232.
Key Entities Referenced
Alternative Investment Funds: Refers to Alternative Investment Funds (AIFs), which are investment funds that do not fall under traditional asset classes.
Indian Venture and Alternate Capital Association: An association representing the AIF industry in India, also referred to as IVCA.
Equalifi: An association representing the AIF industry, that works alongside IVCA.
SEBI AIF Regulations, 2012: The regulations established by SEBI governing Alternative Investment Funds in India.
SEBI Master Circular for AIFs dated July 31, 2023: A master circular issued by SEBI pertaining to AIFs, providing consolidated guidelines and instructions.
SEBI: Securities and Exchange Board of India, the regulatory body for securities market in India.
SEBI Intermediary Portal: Online portal used by AIFs to submit quarterly reports to SEBI.
Securities and Exchange Board of India Act, 1992: The act of parliament that established the Securities and Exchange Board of India
CIRCULAR
SEBI/HO/AFD/SEC-1/P/CIR/2023/0155 September 14, 2023
To
All Alternative Investment Funds (AIFs),
Indian Venture and Alternate Capital Association (IVCA),
Equalifi
Sir/ Madam,
Sub: Regulatory Reporting by AIFs
1. In terms of Regulation 28 of SEBI (AIF) Regulations, 2012 read with Clause 15.1 of
SEBI Master Circular for AIFs dated July 31, 2023, AIFs shall submit quarterly
reports to SEBI in the formats specified with respect to the activities carried on by
the AIFs.
2. In order to enable the AIF industry to have uniform compliance standards, ease
compliance reporting and for regulatory and developmental purposes, the existing
quarterly reporting format has been reviewed in consultation with AIF Industry
Associations – Indian Venture and Alternate Capital Association (IVCA) and Equalifi
(hereinafter referred to as ‘association’) and the revised format has been
prepared.
3. The said revised reporting format shall be hosted by the AIF associations on their
website within 2 working days of issuance of this circular.
4. The association shall assist all AIFs in understanding the reporting requirements
and in clarifying or resolving any issues which may arise in connection with
reporting to ensure accurate and timely reporting.
5. The quarterly report shall be submitted by AIFs online on the SEBI Intermediary
Portal (SI Portal) as per the aforesaid revised format. The report shall be submitted
within 15 calendar days from the end of each quarter.
6. To keep pace with the fast-changing landscape of AIF industry and for policy and
supervision purposes, the aforesaid reporting format shall be reviewed
periodically by association / any AIF Standard Setting Forum in consultation with
SEBI. In case of any revisions in the reporting format, revised format shall be made
available on websites of association / the AIF Standard Setting Forum at least 1
month prior to end of the quarter.Applicability:
7. The association shall engage with all AIFs to ensure that to begin with and to carry
out a trial run, quarterly report for the June 2023 quarter is submitted in the
revised format by October 15, 2023 on the SI Portal.
8. The report for the quarter ending September 30, 2023 shall be submitted in the
revised format by November 15, 2023.
9. From quarter ending December 31, 2023 onwards, AIFs shall submit quarterly
report in the revised format as mentioned at paragraph 5 above.
10. This 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 interest of
investors in securities and to promote the development of, and to regulate the
securities market.
11. This Circular is available on SEBI website at www.sebi.gov.in under the categories
“Legal Framework - Circulars” and "Info for-Alternative Investment Funds”.
Yours faithfully,
Rajesh Gujjar
General Manager
Tel no.: +91-22-26449232
rajeshg@sebi.gov.in