The Securities and Exchange Board of India (SEBI) on July 10, 2026, issued the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2026 to further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.
The following amendments have been stated:
• In regulation 12(1), the symbol “.”, shall be substituted with the words and symbol “along with the fees as specified in the Second Schedule:”
• 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.”
• 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
iii. the proviso after regulation 12(2) shall be omitted.
• 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.”
• 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:”
• 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”.
• In regulation 19D(4), the words “through a merchant banker” shall be omitted.
• Regulation 19D(5) shall be omitted.
[Notification No. SEBI/LAD-NRO/GN/2026/313]
