On 4 March 2026, the Securities and Exchange Board of India (SEBI) issued a circular introducing a revised framework for regulatory reporting by Alternative Investment Funds (AIFs). The update aims to improve ease of doing business, reduce compliance costs, and modernize reporting requirements for the growing AIF industry.
Circular: https://www.sebi.gov.in/legal/circulars/mar-2026/regulatory-reporting-by-aifs_100120.html
Key Changes Introduced by SEBI
1. Annual Activity Report Introduced
SEBI has introduced a Comprehensive Annual Activity Report for all AIFs.
The report must be submitted within 30 calendar days from the end of March each financial year.
The first Annual Activity Report will be due for FY ending March 2026, with a submission deadline of May 31, 2026.
This annual report will provide SEBI with a consolidated overview of AIF operations and activities during the financial year.
2. Limited Quarterly Activity Report
While the earlier framework required detailed quarterly reporting, SEBI has now simplified the process.
AIFs will submit a Limited Quarterly Activity Report:
Filed within 15 calendar days from the end of each quarter
Submitted online via the SEBI Intermediary Portal (SI Portal)
First limited quarterly report: for the quarter ending June 2026.
Importantly:
No quarterly report is required for the March quarter, since the Annual Activity Report will already include that data.
3. Revised Reporting Formats
The reporting formats have been updated to reflect recent amendments to the AIF Regulations and related SEBI circulars.
These revised formats will be made available on the Indian Venture and Alternate Capital Association (IVCA) website within three days of the circular’s issuance.
IVCA will also assist AIFs in understanding and implementing the revised reporting requirements.
Objective Behind the Changes
SEBI stated that the revised framework was developed after consultations with the AIF Standards Forum and recommendations from a Working Group on Ease of Doing Business and Reducing Cost of Compliance.
The primary goals are:
Reduce regulatory burden on AIF managers
Improve reporting efficiency
Align reporting with the evolving AIF ecosystem
Enhance regulatory supervision with structured annual reporting
Immediate Applicability
The circular comes into effect immediately and supersedes the earlier reporting provisions under Clause 15.1 of the SEBI Master Circular for AIFs dated May 7, 2024.
What AIF Managers Should Do Now
AIF managers should prepare for the transition by:
Reviewing the revised reporting formats
Ensuring systems are ready for submission on the SEBI Intermediary Portal
Preparing annual reporting workflows for FY2025–26
Given the changes, many funds may also need to update their internal compliance and reporting processes.