FME Regulatory Intelligence, Learning & Practice · IFSCA (Fund Management) Regulations, 2025
Learn the SEBI AIF Regulations

A structured learning path through the SEBI (Alternative Investment Funds) Regulations, 2012, chapter by chapter, with the regulation text, 2026 changes and practice questions.

Module 1 · Chapter I

Preliminary

Regulations 1–2 of the SEBI (AIF) Regulations, 2012.
2 regulations · 65 questions
Module 2 · Chapter II

Registration of Alternative Investment Funds

Regulations 3–8 of the SEBI (AIF) Regulations, 2012.
6 regulations · 79 questions
Module 3 · Chapter III

Investment Conditions and Restrictions

Regulations 9–19 of the SEBI (AIF) Regulations, 2012.
12 regulations · 74 questions
Module 4 · Chapter III-A

Angel Funds

Regulations 19A–19H of the SEBI (AIF) Regulations, 2012.
8 regulations · 21 questions
Module 5 · Chapter III-B

Special Situation Funds

Regulations 19I–19M of the SEBI (AIF) Regulations, 2012.
5 regulations · 7 questions
Module 6 · Chapter III-C

Corporate Debt Market Development Fund

Regulations 19N–19U of the SEBI (AIF) Regulations, 2012.
8 regulations · 8 questions
Module 7 · Chapter III-D

Migrated Venture Capital Funds

Regulations 19V–19AH of the SEBI (AIF) Regulations, 2012.
13 regulations · 14 questions
Module 8 · Chapter IV

General Obligations, Responsibilities and Transparency

Regulations 20–29B of the SEBI (AIF) Regulations, 2012.
13 regulations · 46 questions
Module 9 · Chapter V

Inspection

Regulations 30–34 of the SEBI (AIF) Regulations, 2012.
5 regulations · 6 questions
Module 10 · Chapter VI

Procedure for Action in Case of Default

Regulations 35 of the SEBI (AIF) Regulations, 2012.
1 regulation · 1 questions
Module 11 · Chapter VI-A

Power to Relax Strict Enforcement

Regulations 35A of the SEBI (AIF) Regulations, 2012.
1 regulation · 1 questions
Module 12 · Chapter VII

Miscellaneous

Regulations 36–39 of the SEBI (AIF) Regulations, 2012.
4 regulations · 4 questions
This is a learning and compliance-preparation tool. Plain-English readings, practical notes, 'what changed' summaries, the timeline and calculators are the portal's interpretation and do not replace professional advice or the notified Gazette text of the IFSCA (Fund Management) Regulations, 2025 and its amendments.

SEBI AIF · Learning path

Learn the SEBI AIF Regulations

12 modules · 78 lessons, from the basics to running an AIF

Each lesson takes one regulation: what it says in plain English, the key takeaway, what the Master Circular adds, what changed in 2026, and practice questions to check yourself.

Your progress

0%
0 of 78 lessonsYou have not started yet

A lesson counts as read once you open it. Progress is saved on this device.

The learning path

12 modules in four stages

Work through them in order, or jump to the chapter you need. Each lesson has practice questions at the end.

1

Stage 1 · 2 modules · 8 lessons

The basics

What the rules cover and how an AIF gets registered.
  1. 1
  2. 2
2

Stage 2 · 5 modules · 46 lessons

Investing and special funds

The investment conditions, and the extra rules for angel funds, special situation funds, the CDMDF and migrated VCFs.
  1. 3
  2. 4
  3. 5
  4. 6
  5. 7
3

Stage 3 · 1 module · 13 lessons

Running an AIF

The obligations that apply every day, from conduct and valuation to reporting and winding up.
  1. 8
4

Stage 4 · 4 modules · 11 lessons

Supervision and the fine print

Inspection, enforcement, exemptions and closing provisions.
  1. 9
  2. 10
  3. 11
  4. 12
This is a learning and compliance-preparation tool. Plain-English readings, practical notes, 'what changed' summaries, the timeline and calculators are the portal's interpretation and do not replace professional advice or the notified Gazette text of the IFSCA (Fund Management) Regulations, 2025 and its amendments.
Prashant Kumar

Meet the expert

CS Prashant Kumar

Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker

13+ years of experienceFCS Fellow member, ICSIAuthor Audit Under Fire

Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)

Prashant Kumar is a seasoned Company Secretary and corporate governance strategist with more than 13 years of experience advising large corporates, promoter-led groups and global businesses on compliance, regulatory risk and board governance. In GIFT IFSC, the IFSCA regime is his day job rather than a research topic.