Chapter V · Inspection
Regulation 34
Communication of findings, etc. to the Alternative Investment Fund
Chapter V · Inspection
SEBI (Alternative Investment Funds) Regulations, 2012
In plain English
In plain English
After considering the inspection report and giving the AIF (or its trustees, directors or manager) a reasonable opportunity of being heard, SEBI can issue the directions it considers appropriate in the interest of the securities market and investors.
Where this sits
Regulation 34 is in Chapter V — Inspection 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.
Chapter
Check yourself
1 practice question on Regulation 34, each with an explanation for every option.
- Before issuing directions after an inspection, SEBI must:
The regulation
34. The Board may after consideration of the inspection report and after giving reasonable opportunity of hearing to the Alternative Investment Fund or its trustees, directors or manager issue such direction as it deems fit in the interest of securities market or the investors including directions in the nature of :—
(a) requiring an Alternative Investment Fund not to launch new schemes or raise money from investors for a particular period;
(b) prohibiting the person concerned from disposing of any of the properties of the fund or scheme acquired in violation of these regulations;
(c) requiring the person connected to dispose of the assets of the fund or scheme in a manner as may be specified in the directions;
(d) requiring the person concerned to refund any money or the assets to the concerned investors along with the requisite interest or otherwise, collected under the scheme;
(e) prohibiting the person concerned from operating in the capital market or from accessing the capital market for a specified period. PROCEDURE FOR ACTION IN CASE OF DEFAULT
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 34
- 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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