Chapter III-B · Special Situation Funds
Regulation 19L
Investment in special situation funds
Chapter III-B · Special Situation Funds
SEBI (Alternative Investment Funds) Regulations, 2012
In plain English
In plain English
Each scheme of a special situation fund needs the minimum corpus SEBI specifies, and each investor must invest at least the amount SEBI specifies. A special situation fund cannot take money from any other AIF except another special situation fund.
What the Master Circular adds
From SEBI's Master Circular for AIFs (updated 16 June 2026). The Regulation sets the rule; the Master Circular sets how it works in practice.
- MC Ch 9
Each scheme of a special situation fund needs a corpus of at least ₹100 crore, and each investor must invest at least ₹10 crore.
Where this sits
Regulation 19L is in Chapter III-B — Special Situation 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).
Where it connects
The text of this regulation does not refer to other numbered regulations.
Related Master Circular chapters (by subject)
Chapter
Check yourself
3 practice questions on Regulation 19L, each with an explanation for every option.
- From which AIFs can a special situation fund accept investment?
- What are the minimum corpus and minimum investment for a special situation fund scheme?
- True or false: a special situation fund may accept investment from any Category II AIF.
The regulation
19L. (1) Each scheme of a special situation fund shall have a corpus as may be specified by the Board.
(2) The special situation fund shall accept from an investor, an investment of such value as may be specified by the Board.
(3) The special situation fund shall not accept investments from any other Alternative Investment Fund other than a special situation fund.
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 19L
- 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.
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