Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2026

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th July, 2026

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) (SECOND AMENDMENT) REGULATIONS, 2026

No. SEBI/LAD-NRO/GN/2026/313.— In exercise of the powers conferred by Section 30(1) read with Section 11(1), Section 11(2)(ba), Section 11(2)(c), Section12(1) and Section12(1B) of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, namely, –

1. These Regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2026.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, –

I. In regulation 12(1), the symbol “.;”, shall be substituted with the words and symbol “along with the fees as specified in the Second Schedule:”

II. After regulation 12(1), the following proviso shall be inserted, namely, -
“Provided that payment of scheme fees shall not apply in case of launch of first scheme by the Alternative Investment Fund.”

III. In regulation 12(2),
i. the words “thirty” shall be substituted with “ten working”;
ii. the words and symbol “fees as specified in the Second Schedule:” shall be substituted with “documents specified by the Board.”; and

4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]

iii. the proviso after regulation 12(2) shall be omitted.

IV. Regulation 12(3) shall be substituted with the following, namely, -
“(3) After the documents specified under sub-regulation (2) are filed with the Board, the Board may communicate its comments, if any, to the merchant banker or the Manager.”

V. After regulation 12(3) and before the proviso to regulation 12(3), the following new sub-regulation shall be inserted, namely, -
“(3A) The merchant banker or the Manager shall ensure that the comments provided under sub-regulation (3) are complied with.”

VI. In the proviso after regulation 12(3), the words and symbols “and (3) shall not apply to large value fund for accredited investors” shall be substituted with “, (3) and (3A) shall not apply to Accredited Investors only fund”.

VII. In regulation 19D(4), the words “through a merchant banker” shall be omitted.

VIII. Regulation 19D(5) shall be omitted.

AMIT PRADHAN, Executive Director
[ADVТ.-III/4/Exty./217/2026-27]

Note:
The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 was published in the Gazette of India on May 21, 2012 vide notification No. SEBI/LAD-NRO/GN/2012-13/04/11262 and was last amended by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2026 vide No. SEBI/LAD-NRO/GN/2026/303.

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. KUMER CHAND MEENA Digitally signed by KUMER CHAND MEENA Date: 2026.07.14 16:43:44 +05'30'