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SEBI AIF inspection readiness

Records SEBI's Inspecting Authority can ask an AIF and its Manager to produce. Tick what you hold, then print or export.

A preparation aid, not an official SEBI checklist. Saved in this browser only.

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Under Regs 30 to 32, SEBI can inspect an AIF's books, records and documents, usually after at least 10 days' notice, and every officer and the Manager must produce them. This list is built from the SEBI (AIF) Regulations, 2012 and SEBI's Master Circular for AIFs (3 June 2026, updated 7 September 2026).

54Records expected

0Marked held

54Outstanding

Reg 6Procedure for grant of Certificate0/2

Certificate of registration in Form B, with any conditions attached to it (Reg 6(2), (3))
If in-principle approval was granted: proof that Reg 4(c) or (d) was met within 6 months, and that no money was accepted before registration (Reg 6(4), (5))

Read Reg 6

Reg 7Conditions of certificate0/2

Written intimations to SEBI of any material change, or of information found false or misleading (Reg 7(1)(c))
SEBI's approval for any change of category after registration (Reg 7(2))

Read Reg 7

Reg 10Investment in Alternative Investment Fund0/5

Corpus of each scheme, showing at least ₹20 crore (₹5 crore for a social impact fund) (Reg 10(b))
Investor-wise contributions showing the ₹1 crore minimum, or the employee, director or accredited investor exception relied on (Reg 10(c))
Manager's or Sponsor's continuing interest invested in the fund — not through a fee waiver — and its disclosure to investors (Reg 10(d), (e))
Investor count for each scheme, within 1,000 (accredited investors excluded) (Reg 10(f))
Units issued in dematerialised form (Reg 10(aa))

Read Reg 10

Reg 11Placement Memorandum0/1

Placement memorandum containing all the material information Reg 11(2) lists (Reg 11(1), (2))

Read Reg 11

Reg 12Schemes0/3

Proof the placement memorandum was filed with SEBI at least 10 working days before launch (through a merchant banker where required), with the fee (Reg 12(1), (2))
SEBI's comments on the filing and how each was complied with (Reg 12(3), (3A))
Declaration of the first close of each scheme (Reg 12(4))

Read Reg 12

Reg 13Tenure0/1

Tenure fixed at the time of application, and for any extension, the approval of two-thirds of unit holders by value (Reg 13(1), (5))

Read Reg 13

Reg 15General Investment Conditions0/1

Exposure to each investee company against the 25% (Category I and II) or 10% (Category III) limit of investable funds (Reg 15(1)(c), (d))

Read Reg 15

Reg 16Conditions for Category I Alternative Investment Funds0/1

Borrowing log for Category I: amount, period and number of occasions, within 10% of investable funds, 30 days and 4 times a year (Reg 16(1)(c))

Read Reg 16

Reg 17AConditions for co-investment by Category I and II AIFs0/3

Shelf placement memorandum filed with SEBI before any co-investment offer (Reg 17A(2))
Proof that only accredited investors invested in each co-investment scheme (Reg 17A(4))
Comparison showing the co-investment terms were no more favourable than the AIF's own (Reg 17A(8))

Read Reg 17A

Reg 19GObligations of Sponsors and Managers of Angel Fund0/3

Angel funds: the continuing interest in each investment (Reg 19G(1))
Angel funds: each angel investor's approval before their contribution was used for an investment (Reg 19G(2))
Angel funds: proof each opportunity was offered to all angel investors and allocated as the placement memorandum describes (Reg 19G(3)–(5))

Read Reg 19G

Reg 20General Obligations0/11

Evidence of compliance with the Code of Conduct in the Fourth Schedule (Reg 20(1), (2))
Policies and procedures approved jointly by the Manager and the trustee (or Board, or designated partners), and records of their regular review (Reg 20(3), (4))
Investment Committee: its constitution, decisions, and investor consent (75% by value) for external members not named in the fund documents (Reg 20(7)–(10))
Custodian appointment, with a SEBI-registered custodian (Reg 20(11), (11A))
SEBI's prior approval for any change of Sponsor or Manager, or change in control (Reg 20(13))
Annual audited accounts of the AIF (Reg 20(14))
Separate bank and securities accounts for each scheme (Reg 20(16))
Compliance Officer's appointment, and any reports of non-compliance made to SEBI within 7 working days (Reg 20(17)–(19))
Due diligence records on investors and investments (Reg 20(20))
Compliance Test Report for each year, with the trustee or sponsor observations and the manager's reply (Master Circular 21.2)
PPM audit report and corrective steps, or the CA certificate where no funds were raised (Master Circular 21.3)

Read Reg 20

Reg 21Conflict of Interest0/2

Disclosures of conflicts of interest made to investors (Reg 21(1))
Written conflict of interest policies and procedures (Reg 21(2))

Read Reg 21

Reg 22Transparency0/7

Periodic disclosures to investors on financial, risk, operational, portfolio and fee information (Reg 22(a), (b))
Annual reports to investors, sent within 180 days of the year end (Reg 22(g))
Category III: quarterly reports sent within 60 days of the quarter end (Reg 22(h))
Intimations to investors of any significant change in the key investment team (Reg 22(i))
Quarterly and Annual Activity Reports filed on the SEBI Intermediary Portal (Master Circular 21.1)
Consolidated intimation of PPM changes to investors and SEBI (Master Circular 21.4.1)
Data reported to the Benchmarking Agencies each half-year (Master Circular 22.4.2)

Read Reg 22

Reg 23Valuation0/4

Description of the valuation procedure and methodology given to investors (Reg 23(1))
Independent valuer's appointment and valuation reports — at least every six months for Category I and II, or yearly with approval of 75% of investors by value (Reg 23(2), (4))
Category III: NAV disclosures to investors within the quarterly or monthly interval (Reg 23(3))
Documented reasons for any departure from the valuation policy, and the reports made to the trustee and investors (Reg 23(6))

Read Reg 23

Reg 24AGrievance Redressal Mechanism0/2

Grievance register showing each complaint's receipt date and resolution within 21 calendar days (Reg 24A(1))
Investor complaints data in the Annexure 5 format, compiled each quarter (Master Circular 2.3.4)

Read Reg 24A

Reg 27Maintenance of Records0/5

Records of the assets under each scheme (Reg 27(1)(a))
Valuation policies and practices (Reg 27(1)(b))
Investment strategies (Reg 27(1)(c))
Particulars of investors and their contributions (Reg 27(1)(d))
Rationale for each investment made (Reg 27(1)(e))

Read Reg 27

Reg 32Obligation of Alternative Investment Fund on inspection0/1

A named contact and process to produce books, accounts and documents, and to give statements and information, to the Inspecting Authority (Reg 32(1), (2))

Read Reg 32

Help preparing for inspection

How to use it

1
Open a regulation
Each one lists the records it expects you to keep or produce.
2
Tick what you hold
Your progress shows for each regulation and overall.
3
Close the gaps
Filter to Outstanding, then print or export the list.

Expert review

Turn this result into a decision you can act on

Company Secretary & Compliance Officer, Global Horizons Capital Advisors (IFSC) Private Limited · FCS · 13+ years in compliance and governance

A tool points the way. CS Prashant Kumar checks your facts, structure and documents, then gives you a written view and a clear path to registration and compliance.

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A preparation aid built from the records each SEBI AIF regulation expects. It is not an official SEBI checklist and does not replace a review of your own facts or of SEBI's circulars.

Meet the expert

CS Prashant Kumar

Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker

13+ years of experienceFCS Fellow member, ICSIAuthor Audit Under Fire

Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)

Prashant Kumar is a seasoned Company Secretary and corporate governance strategist with more than 13 years of experience advising large corporates, promoter-led groups and global businesses on compliance, regulatory risk and board governance. In GIFT IFSC, the IFSCA regime is his day job rather than a research topic.

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