SEBI AIF practical scenarios
Applied problems for AIF managers and compliance teams. Work the facts, choose an approach, then check the reasoning against the SEBI AIF Regulations.
15 worked situations, each on its own page.
Working on GIFT IFSC schemes instead? Open the FME scenarios
Minimum investment — an employee of the Manager
Reg 10 · SEBI AIFCan the AIF accept her ₹30 lakh?Not triedOpenContinuing interest — paying it through a fee waiver
Reg 10 · SEBI AIFDoes this meet the continuing interest requirement?Not triedOpenThe 1,000-investor limit
Reg 10 · SEBI AIFHow many of the 30 can the scheme admit?Not triedOpenIn-principle approval — can the fund take money?
Reg 6 · SEBI AIFWhat can the AIF do?Not triedOpenFiling the placement memorandum late
Reg 12 · SEBI AIFCan the launch go ahead on 2 November?Not triedOpenExtending a close-ended fund's tenure
Reg 13 · SEBI AIFWhat extension is possible?Not triedOpenInvesting in one company above 25%
Reg 15 · SEBI AIFCan it invest the full ₹110 crore?Not triedOpenBorrowing to bridge an investment
Reg 16 · SEBI AIFIs this borrowing allowed?Not triedOpenCo-investment for a large investor
Reg 17A · SEBI AIFWhat is the problem?Not triedOpenAdding an external Investment Committee member
Reg 20 · SEBI AIFCan the expert be appointed?Not triedOpenThe Compliance Officer finds a breach
Reg 20 · SEBI AIFWhat should the Compliance Officer do?Not triedOpenValuing once a year instead of every six months
Reg 23 · SEBI AIFCan it move to yearly valuation?Not triedOpenAnswering an investor complaint
Reg 24A · SEBI AIFIs 30 October in time?Not triedOpenHow long to keep records after winding up
Reg 27 · SEBI AIFCan the files be destroyed then?Not triedOpenAngel fund — using money before the investor approves
Reg 19G · SEBI AIFCan the Manager use the fifth investor's money for this deal?Not triedOpenScenarios are for learning. They apply the SEBI (AIF) Regulations, 2012 provision named on each one to simplified facts. Real situations need a review of the full provision, SEBI's circulars and your own facts.
Meet the expert
CS Prashant Kumar
Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker
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.