Two amendments to the SEBI (AIF) Regulations, 2012 in 2026: No. 303 of 16 April 2026 and No. 313 of 10 July 2026.
The Second Amendment is dated 10 July 2026 in the Gazette; published commentary gives its commencement as 14 July 2026, and SEBI lists the consolidated Regulations as last amended on 14 July 2026.
Social impact funds investing only in not-for-profit organisations on a social stock exchange can take individual investments from ₹1,000.
16 April 2026 · Amendment Regulations, 2026 (No. 303)
Before: …the minimum value of investment by an individual investor shall be two lakh rupees
Now: …the minimum value of investment by an individual investor shall be one thousand rupees
Social impact funds investing only in not-for-profit organisations on a social stock exchange can take individual investments from ₹1,000.
SEBI can now set conditions on how liabilities are met when a fund is wound up.
16 April 2026 · Amendment Regulations, 2026 (No. 303)
Before: …shall be distributed to them after satisfying all liabilities.
Now: …shall be distributed to them after satisfying all liabilities, subject to conditions as may be specified by the Board from time to time.
SEBI can now set conditions on how liabilities are met when a fund is wound up.
Introduces the concept of an inoperative fund, with the details left to SEBI.
16 April 2026 · Amendment Regulations, 2026 (No. 303)
Before: —
Now: An Alternative Investment Fund may be tagged as an inoperative fund, in such manner and subject to conditions as may be specified by the Board from time to time.
Introduces the concept of an inoperative fund, with the details left to SEBI.
The fee, and the waiver for the first scheme, now sit in 12(1).
10 July 2026 · Second Amendment Regulations, 2026 (No. 313)
Before: …subject to filing of placement memorandum with the Board.
Now: …subject to filing of placement memorandum with the Board along with the fees as specified in the Second Schedule: Provided that payment of scheme fees shall not apply in case of launch of first scheme by the Alternative Investment Fund.
The fee, and the waiver for the first scheme, now sit in 12(1).
The filing lead time drops from 30 days to 10 working days.
10 July 2026 · Second Amendment Regulations, 2026 (No. 313)
Before: …atleast thirty days prior to launch of scheme along with the fees as specified in the Second Schedule:
Now: …atleast ten working days prior to launch of scheme along with the documents specified by the Board.
The filing lead time drops from 30 days to 10 working days.
SEBI's comments can go to the Manager as well as the merchant banker, and must be complied with.
10 July 2026 · Second Amendment Regulations, 2026 (No. 313)
Before: The Board may communicate its comments, if any, to the merchant banker prior to launch of the scheme and the merchant banker shall ensure that the comments are incorporated…
Now: (3) …the Board may communicate its comments, if any, to the merchant banker or the Manager. (3A) The merchant banker or the Manager shall ensure that the comments provided under sub-regulation (3) are complied with.
SEBI's comments can go to the Manager as well as the merchant banker, and must be complied with.
The exemption from the filing-and-comments route now applies to Accredited Investors only funds.
10 July 2026 · Second Amendment Regulations, 2026 (No. 313)
Before: …requirements under sub-regulation (2) and (3) shall not apply to large value fund for accredited investors.
Now: …requirements under sub-regulation (2), (3) and (3A) shall not apply to Accredited Investors only fund.
The exemption from the filing-and-comments route now applies to Accredited Investors only funds.
Angel funds no longer file their placement memorandum through a merchant banker, and the comments step is removed.
10 July 2026 · Second Amendment Regulations, 2026 (No. 313)
Before: (4) …filed with the Board in the specified format through a merchant banker… (5) The Board may communicate its comments… to the merchant banker…
Now: (4) …filed with the Board in the specified format… (5) omitted.
Angel funds no longer file their placement memorandum through a merchant banker, and the comments step is removed.