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Regulatory reporting by AIFS



Securities and Exchange Board of India (“SEBI”) vide its circular no. SEBI/HO/AFD/SEC-1/P/CIR/2023/015 dated 14th September 2023 has outlined the regulatory framework about the reporting requirements for Alternative Investment Funds (“AIFs”).


To create consistent compliance rules and simplify reporting for the AIF industry, SEBI has reevaluated the current quarterly reporting format in collaboration with industry associations like the Indian Venture and Alternate Capital Association and Equalifi (Hereinafter refer to the “association”) and developed a revised reporting format for regulatory and developmental purposes. The said revised reporting will be posted on the AIF associations’ websites within 2 working days of this circular being issued.


The association will help AIFs in reporting requirements and address any issues that arise, ensuring accurate and timely reporting. AIFs must submit quarterly reports online through the SEBI Intermediary Portal (SI Portal) within 15 calendar days after each quarter ends.


Further the reporting format will be periodically reviewed for policy and supervision purposes by the association or an AIF Standard Setting Forum in consultation with SEBI. If any changes are made, the updated format will be posted on the association or the AIF Standard Setting Forum's websites at least one month before the quarter's end.


Applicability

  • The association shall work with all AIFs to ensure that to begin with and to carry out a trial run, with the June 2023 quarterly report submitted in the revised format by October 15, 2023, on the SI Portal.

  • The report for the quarter ending September 30, 2023, shall be submitted in the revised format by November 15, 2023.

  • From quarter ending December 31, 2023 onwards, AIFs shall submit quarterly report in the revised format as mentioned above.

This Circular is issued to safeguard investor interests and regulate the securities market for its development.



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