In a significant move aimed at enhancing the ease of doing business for Alternative Investment Funds (AIFs), the Securities and Exchange Board of India (SEBI) has amended the AIF Regulations, 2012 through its notification dated 19 November 2025. The amendments introduce a tailored regulatory framework for Accredited Investor–only schemes (AI-only schemes) and provide substantial operational relaxations for Large Value Funds (LVFs). 1.        Introduction of AI-Only AIF Scheme

PART A: THE CONCEPT BEHIND PIT REGULATIONS   · Securities and Exchange Board of India (“SEBI”) has been established under the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) with the principal objects of a) protecting the interests of investors in securities ; and b) promoting the development of, and regulating, the securities market, and for matters connected therewith or incidental thereto. · To achieve the above stated objectives, over a period of time, SE

I. Introduction   In a significant move aimed at enhancing confidentiality in the Initial Public Offering (“IPO”) process, the...