The National Securities Depository Limited (NSDL) on March 11, 2026, notified regarding the reporting with respect to AIF units held in the Aggregate Escrow Demat Account.
The following has been stated:
• The circular directs issuers and R&T agents to ensure that Alternative Investment Funds (AIFs) comply with earlier guidelines of the Securities and Exchange Board of India regarding holding AIF units in dematerialised form and maintaining investor-level KYC details. AIF managers are required to maintain investor-wise records (name, PAN, bank details) along with a complete audit trail for units held in Aggregate Escrow Demat Accounts, and report this data monthly to depositories and custodians.
• Further, the circular mandates that monthly escrow statements must now be submitted only through the NSDL Issuer Portal, in a prescribed CSV (SFA) format, with separate uploads for investor-wise and scheme-wise reports. In case of upload errors, a failure file will indicate discrepancies. AIFs without portal access must complete self-registration to generate login credentials, and any issues can be resolved by contacting NSDL support.
• Overall, the circular strengthens reporting standardization, transparency, and compliance in AIF unit handling.
[Notification no. - NSDL/CIR/II/13/2026]
