SEBI Revises Regulatory Reporting Framework for Alternative Investment Funds (AIFs)

Circular No. HO/19/28/(1)2026-AFD-SEC3/I/6176/2026, Dated 04.03.2026

The Securities and Exchange Board of India (SEBI) has revised the regulatory reporting framework for Alternative Investment Funds (AIFs) to streamline compliance requirements and enhance ease of doing business for fund managers and intermediaries.

The revised framework introduces a structured reporting system consisting of an Annual Activity Report and a limited Quarterly Activity Report, replacing the earlier reporting provisions.

1. Annual Activity Report

Under the revised framework, AIFs are required to submit a comprehensive Annual Activity Report through the SEBI Intermediary (SI) Portal.

Key requirements include:

• Submission within 30 days from the end of each financial year
• Filing through the SEBI Intermediary Portal
• Reporting in the format prescribed by SEBI

This annual report is intended to provide a consolidated overview of the fund’s activities and operations during the financial year.

2. Quarterly Activity Report

In addition to the annual report, AIFs must submit a limited Quarterly Activity Report in a revised format.

Key features of the quarterly reporting requirement include:

• Submission through the SI Portal
• Filing within 15 calendar days from the end of each quarter
• Reporting in the revised format prescribed by SEBI

3. Applicability of the Revised Framework

The first Quarterly Activity Report under the revised framework will be required for the quarter ending June 2026.

However, no separate Quarterly Activity Report will be required for the quarter ending March of every year, as the Annual Activity Report will cover the relevant information for that period.

4. Supersession of Earlier Reporting Requirements

The revised reporting framework supersedes the earlier regulatory reporting provisions applicable to AIFs, replacing them with the new structured reporting format.

5. Objective of the Revision

The updated framework aims to:

• Simplify and streamline compliance requirements for AIFs
• Reduce duplication in regulatory reporting
• Improve quality and consistency of information submitted to SEBI
• Enhance regulatory oversight while promoting ease of doing business in the AIF ecosystem.

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