The Securities and Exchange Board of India (SEBI), on June 3, 2026, issued a revised Master Circular for Alternative Investment Funds (AIFs) consolidating all applicable circulars and regulatory instructions issued under the SEBI (Alternative Investment Funds) Regulations, 2012 up to May 31, 2026. The new Master Circular supersedes the earlier Master Circular dated May 7, 2024 and is intended to provide AIFs and other stakeholders with a single reference document containing all relevant regulatory requirements.
The circular incorporates provisions from various SEBI circulars issued after March 31, 2024, and rescinds the earlier circulars listed in Annexure 21 to the extent they relate to AIFs. However, actions taken, applications filed, rights accrued, obligations incurred, investigations initiated, and proceedings commenced under the rescinded circulars will continue to remain valid and enforceable as if those circulars were still in force.
SEBI has further clarified that the trustee, sponsor, or manager of an AIF, as applicable, must ensure that the Compliance Test Report (CTR) prepared by the AIF manager includes compliance with all provisions contained in the Master Circular. The consolidated framework has been issued under Section 11(1) of the SEBI Act, 1992, to protect investors’ interests and facilitate the orderly development and regulation of the securities market.
[Master Circular No. HO/19/34/11(6)2025-AFD-POD1/I/12928/2026]
