SEBI issued Master Circular HO/19/34/11(6)2025-AFD-POD1/I/12928/2026 on June 3, 2026, consolidating directions issued under the SEBI (Alternative Investment Funds) Regulations, 2012 up to May 31, 2026.
What does the SEBI AIF Master Circular do?
The Master Circular brings applicable AIF circulars into one reference document. It supersedes the earlier Master Circular for AIFs dated May 7, 2024 and rescinds the AIF-related directions listed in Annexure 21 to the extent they relate to AIFs.
Who is affected by the AIF Master Circular?
The circular is addressed to:
- All Alternative Investment Funds.
- Custodians.
- Depositories.
- Registrar to an Issue and Share Transfer Agents.
It is also relevant to AIF trustees, sponsors, managers, and merchant bankers involved in AIF filings and operations.
What changes for AIF compliance teams?
AIF teams should use this June 3, 2026 Master Circular as the current consolidated reference for AIF regulatory requirements. SEBI also states that the trustee, sponsor, or manager of an AIF must ensure that the Compliance Test Report prepared by the AIF manager includes compliance with provisions of all chapters of this Master Circular.
Does the Master Circular invalidate earlier actions?
No. SEBI states that actions taken, applications made, obligations accrued, liabilities incurred, penalties, investigations, legal proceedings, and remedies under rescinded circulars continue under the corresponding provisions of this Master Circular.
What deadline applies?
The circular is issued and last updated on June 3, 2026. No separate future implementation deadline is stated in the source document for the consolidation itself.
Where is the official SEBI source?
Read the official SEBI Master Circular here: https://www.sebi.gov.in/legal/master-circulars/jun-2026/master-circular-for-alternative-investment-funds-aifs-_101817.html