AIF registration
Category choice (I, II or III), the application to SEBI, the sponsor and manager line-up, and the continuing-interest plan.
Ask about thisSEBI · Alternative Investment Funds
Every SEBI AIF rule, in plain English.
SEBI (Alternative Investment Funds) Regulations, 2012, as amended up to July 2026
Explore the AIF Regulations, the 2026 amendments, the Master Circular, practical compliance guidance, key thresholds and chapter-wise practice questions, all in one place.
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Minimum investment₹1 crore
Minimum corpus per scheme₹20 crore
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India's AIF ecosystem
Compare with IFSC FME AIFs are privately pooled funds registered with SEBI under the Alternative Investment Funds Regulations, 2012.
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326practice questions
4regulations amended in 2026
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End-to-end support across the AIF lifecycle.
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Scheme launch and PPM
Placement memorandum and launch documentation for new schemes, with the filing route and first-close timeline under Regulation 12.
Ask about thisOngoing AIF compliance
Investor on-boarding, grievance handling within the regulatory timeline, records, reporting and a working compliance calendar.
Ask about this2026 amendment review
What the April and July 2026 amendments to the AIF Regulations change for your fund, and the documents to update.
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From the blog
SEBI PMSSEBI PMS Regulations 2026: what changes on 1 April 2027The SEBI (Portfolio Managers) Regulations, 2026 replace the 2020 Regulations on 1 April 2027. What carries over, what is new, and the deadlines existing portfolio managers must plan for.14 Oct 2026 · 2 min readSEBI PMSWhat is PRIM? SEBI's new PMS route for mutual fund investingPRIM lets a portfolio manager build a personal portfolio of direct-plan mutual funds for a client, with a ₹25 lakh minimum and a lighter net worth rule. Here is how it works.14 Oct 2026 · 2 min readSEBI PMSPMS minimum investment, net worth and fees under the 2026 RegulationsHow much a client must invest in PMS and PRIM, who is exempt, how much net worth a portfolio manager needs, and what SEBI charges, with worked examples.14 Oct 2026 · 2 min read
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Quiz Centre
326 questions. Every answer explained.
Chapter-wise questions on the SEBI AIF Regulations, the 2026 amendments and the Master Circular, each option explained with the provision it rests on.
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Frequently asked questions
View all FAQsDoes an AIF need SEBI registration?
Yes. No entity or person can act as an Alternative Investment Fund without a certificate of registration from SEBI. (Reg 3(1))
What are Category I, II and III AIFs?
Category I invests in start-ups, early-stage or social ventures, SMEs, infrastructure or other areas the government or regulators want to encourage. Category II is anything not in I or III that does not use leverage beyond what the Regulations allow, such as private equity and debt funds. Category III uses diverse or complex trading strategies and may use leverage, including through derivatives. (Reg 3(4))
Which funds fall under Category I?
Venture capital funds, SME funds, angel funds, social impact funds, infrastructure funds and special situation funds, among others SEBI may specify. (Reg 3(4)(a))
Can an AIF raise money from the public?
No. An AIF can raise money only by private placement. (Reg 10(g))
In what form are AIF units issued?
In dematerialised form, subject to SEBI's conditions. (Reg 10(aa))
What is the minimum investment in an AIF?
₹1 crore per investor. Employees and directors of the AIF or its Manager can invest ₹25 lakh, and accredited investors have no minimum. (Reg 10(c))
Is there a lower minimum for social impact funds?
Yes. From 18 April 2026, an individual can invest ₹1,000 in a social impact fund that invests only in securities of not-for-profit organisations registered or listed on a social stock exchange (it was ₹2 lakh). (Reg 10(c), third proviso)
How many investors can an AIF scheme have?
Up to 1,000. Accredited investors are not counted towards the limit. (Reg 10(f))
What is an Accredited Investors only fund?
A fund or scheme in which every investor, apart from the Manager, Sponsor and the staff and directors of the AIF or the Manager, is an accredited investor. (Reg 2)
What is a large value fund for accredited investors?
A fund in which each investor, other than insiders, is an accredited investor investing at least ₹25 crore. The threshold was ₹70 crore earlier. (Reg 2)
01Does an AIF need SEBI registration?
Yes. No entity or person can act as an Alternative Investment Fund without a certificate of registration from SEBI. (Reg 3(1))
Basics02What are Category I, II and III AIFs?
Category I invests in start-ups, early-stage or social ventures, SMEs, infrastructure or other areas the government or regulators want to encourage. Category II is anything not in I or III that does not use leverage beyond what the Regulations allow, such as private equity and debt funds. Category III uses diverse or complex trading strategies and may use leverage, including through derivatives. (Reg 3(4))
Basics03Which funds fall under Category I?
Venture capital funds, SME funds, angel funds, social impact funds, infrastructure funds and special situation funds, among others SEBI may specify. (Reg 3(4)(a))
Basics04Can an AIF raise money from the public?
No. An AIF can raise money only by private placement. (Reg 10(g))
Basics05In what form are AIF units issued?
In dematerialised form, subject to SEBI's conditions. (Reg 10(aa))
Basics06What is the minimum investment in an AIF?
₹1 crore per investor. Employees and directors of the AIF or its Manager can invest ₹25 lakh, and accredited investors have no minimum. (Reg 10(c))
Investors07Is there a lower minimum for social impact funds?
Yes. From 18 April 2026, an individual can invest ₹1,000 in a social impact fund that invests only in securities of not-for-profit organisations registered or listed on a social stock exchange (it was ₹2 lakh). (Reg 10(c), third proviso)
Investors08How many investors can an AIF scheme have?
Up to 1,000. Accredited investors are not counted towards the limit. (Reg 10(f))
Investors09What is an Accredited Investors only fund?
A fund or scheme in which every investor, apart from the Manager, Sponsor and the staff and directors of the AIF or the Manager, is an accredited investor. (Reg 2)
Investors10What is a large value fund for accredited investors?
A fund in which each investor, other than insiders, is an accredited investor investing at least ₹25 crore. The threshold was ₹70 crore earlier. (Reg 2)
InvestorsThis 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 · Alternative Investment Funds
SEBI AIF Regulations, Made Practical
Understand the rule. See what changed. Apply it in practice.
Explore the SEBI (Alternative Investment Funds) Regulations, 2012, amendments, master circulars, plain-English explanations, key regulatory thresholds and chapter-wise practice questions — all in one place.
SourcesSEBI (Alternative Investment Funds) Regulations, 2012 — consolidated text as amended up to 19 November 2025, read with the Amendment Regulations, 2026 (No. 303, 16 April 2026) and the Second Amendment Regulations, 2026 (No. 313, 10 July 2026).Master Circular for Alternative Investment Funds, issued 3 June 2026, last updated 7 September 2026.The Second Amendment is dated 10 July 2026 in the Gazette; published commentary gives its commencement as 14 July 2026, and SEBI lists the consolidated Regulations as last amended on 14 July 2026.
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Meet the expert
CS Prashant Kumar
Company Secretary & Compliance Officer, Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker
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.
13+years in compliance and governanceFCSFellow member, ICSIIFSCACompliance Officer at a licensed intermediaryAuthorCo-author, Audit Under Fire
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.