Chapter III-A · Angel Funds
Regulation 19B
Applicability
Chapter III-A · Angel Funds
SEBI (Alternative Investment Funds) Regulations, 2012
In plain English
In plain English
Chapter III-A applies to angel funds, their managers, sponsors and angel investors, and to their investments. The rest of the AIF Regulations apply to angel funds except where this Chapter or the specified carve-outs say otherwise.
Where this sits
Regulation 19B is in Chapter III-A — Angel Funds of the SEBI (Alternative Investment Funds) Regulations, 2012.
Provisos, explanations and conditions
This regulation has no provisos or explanations in its text. Check Connections for other provisions it refers to.
What changed
No change to this regulation by the 2026 amendments (No. 303 of 16 April 2026 and No. 313 of 10 July 2026).
Words in square brackets in the official text mark earlier amendments made before 2026. Their earlier wording is not shown because it has not been verified here.
Where it connects
Provisions this regulation refers to
Chapter
Check yourself
1 practice question on Regulation 19B, each with an explanation for every option.
- True or false: Chapter III-A applies to angel funds, their managers, sponsors and angel investors.
The regulation
19B. (1) The provisions of this Chapter shall apply to angel funds and[their managers, sponsors, angel investors and investments of angel funds:] [Provided that the provisions of the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2025 shall apply to angel funds registered prior to the notification of the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2025, in the manner as may be specified by the Board.]
(2) All other provisions of these regulations, except clauses (a), (b), (c),
(d) and (f) of regulation 10, regulation 12, regulation 14, clauses (a), (c)[, (da)] and (e) of sub-regulation (1) of regulation 15,[clause (a) of sub-regulation (1) of regulation 16] and sub-regulation (2) of regulation 16,[regulation 17, regulation 18,][sub-regulation (21) of regulation 20] and the guidelines and circulars issued under these regulations, unless the context otherwise requires or repugnant to the provisions of this Chapter, shall apply to angel funds, their sponsors and managers and angel investors. [Explanation: For the purpose of this sub-regulation, the provisions which are applicable to a scheme of an alternative investment fund, shall be applicable to the angel fund at the fund level, unless specifically stated otherwise.]
Text from the consolidated Regulations. Square brackets and [***] mark earlier amendments and omissions, as in the official text. Check the official Gazette text before relying on it.
Last checked against source on 10 October 2026: consolidated Regulations to 19 November 2025, read with Amendment Regulations No. 303 (16 April 2026) and No. 313 (10 July 2026).
Source and verification
- Instrument
- SEBI (Alternative Investment Funds) Regulations, 2012 — Regulation 19B
- Text used
- Consolidated Regulations as amended up to 19 November 2025, read with the 2026 amendments (no change to this regulation)
- Last checked
- 10 October 2026
- Official source
- www.sebi.gov.in → Legal → Regulations. The Gazette text prevails.
Work with Prashant Kumar
Structuring or running an AIF?
Advice on registration, PPM filing, investor on-boarding and ongoing compliance under the AIF Regulations.