Chapter II · Registration of Alternative Investment Funds
Regulation 8
Procedure where registration is refused
Chapter II · Registration of Alternative Investment Funds
SEBI (Alternative Investment Funds) Regulations, 2012
In plain English
In plain English
If SEBI decides not to register an applicant, it must first give a reasonable opportunity of being heard, and it must communicate the rejection within thirty days. Once rejected, the applicant must stop acting as an AIF, although its liability to existing investors under law or agreement continues.
Where this sits
Regulation 8 is in Chapter II — Registration of Alternative Investment Funds of the SEBI (Alternative Investment Funds) Regulations, 2012.
Provisos, explanations and conditions
Quoted from the regulation text. These qualify or carve out exceptions to the main rule.
Provided that nothing contained in these regulations shall affect the liability of the applicant towards its existing investors under law or agreement. INVESTMENT CONDITIONS AND RESTRICTIONS
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
Provisions this regulation refers to
Related Master Circular chapters (by subject)
Chapter
Check yourself
4 practice questions on Regulation 8, each with an explanation for every option.
- Before rejecting an application, what must SEBI give the applicant?
- Within what time must SEBI communicate its decision to reject an application?
- SEBI rejects an applicant that already had investors under an existing arrangement. What follows?
- Within how many days must SEBI communicate a decision to reject an application?
The regulation
8. (1) After considering an application made under regulation 3, if the Board is of the opinion that a certificate should not be granted, it may reject the application after giving the applicant a reasonable opportunity of being heard.
(2) The decision of the Board to reject the application shall be communicated to the applicant within thirty days.
(3) Where an application for a certificate is rejected by the Board, the applicant shall cease to carry on any activity as an Alternative Investment Fund:
Provided that nothing contained in these regulations shall affect the liability of the applicant towards its existing investors under law or agreement. INVESTMENT CONDITIONS AND RESTRICTIONS
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 8
- 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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