Chapter IV · General Obligations, Responsibilities and Transparency
Regulation 27
Maintenance of Records
Chapter IV · General Obligations, Responsibilities and Transparency
SEBI (Alternative Investment Funds) Regulations, 2012
In plain English
In plain English
The Manager or Sponsor must keep records of the fund's assets, valuation policies and practices, investment strategies, investors and their contributions, and the rationale for each investment, for five years after the fund is wound up.
Where this sits
Regulation 27 is in Chapter IV — General Obligations, Responsibilities and Transparency of the SEBI (Alternative Investment Funds) Regulations, 2012.
Key numbers
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 27, each with an explanation for every option.
- For how long must the records listed in Regulation 27(1) be kept?
- Which of these is not among the records Regulation 27(1) requires the Manager or Sponsor to maintain?
- An AIF is wound up in 2029. Until when must its records be kept?
The regulation
27. (1) The Manager or Sponsor shall be required to maintain following records describing:
(a) the assets under the scheme/fund;
(b) valuation policies and practices;
(c) investment strategies;
(d) particulars of investors and their contribution;
(e) rationale for investments made.
(2) The records under sub-regulation (1) shall be maintained for a period of five years after the winding up of the 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 27
- 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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