The Securities and Exchange Board of India (SEBI), through its Master Circular dated June 3, 2026, has consolidated all circulars issued under the SEBI (Alternative Investment Funds) Regulations, 2012 up to May 31, 2026 into a single comprehensive regulatory framework for Alternative Investment Funds (AIFs). The circular supersedes the earlier Master Circular dated May 7, 2024 and rescinds the circulars listed in Annexure 21 to the extent they relate to AIFs, while preserving actions already taken, pending applications, accrued rights, obligations, liabilities, penalties, investigations, and legal proceedings under the previous circulars. It further mandates that the Compliance Test Report prepared by AIF managers must cover compliance with all chapters of the Master Circular. Spread across 24 chapters, the circular consolidates provisions relating to registration, fundraising, investments, governance, reporting, disclosure requirements, overseas investments, investor protection, valuation norms, winding-up procedures, and compliance obligations, thereby providing a unified and streamlined regulatory framework for the AIF industry.
Securities and Exchange Board of India
Master Circulars No. HO/19/34/11(6)2025-AFD-POD1/I/12928/2026 | June 03, 2026
To,
All Alternative Investment Funds
All Custodians
All Depositories
All Registrar to an Issue and Share Transfer Agents
Dear Sir/Madam,
Sub: Master Circular for Alternative Investment Funds (AIFs)
1. For effective regulation of Alternative Investment Funds (AIFs), the Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable AIFs and other market stakeholders to have access to all applicable Circulars in the subject matter at one place, SEBI’s Master Circular No. SEBI/HO/AFD-1/AFD-1-PoD/P/CIR/2024/39 for AIFs dated May 07, 2024 was issued as a compilation of such relevant circulars issued under SEBI (Alternative Investment Funds) Regulations, 2012 up to March 31, 2024.
2. Subsequently, various circulars have been issued by SEBI under SEBI (Alternative Investment Funds) Regulations, 2012. The provisions of such circulars issued till May 31, 2026 have been incorporated in this Master Circular, which supersedes the Master Circular for AIFs dated May 07, 2024.
3. With the issuance of this Master Circular, all directions/instructions contained in the circulars listed out in Annexure 21 to this Master Circular shall stand rescinded to the extent they relate to AIFs.
4. Notwithstanding such rescission:
a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b) any application made to SEBI under the rescinded circulars prior to such rescission, and pending before it, shall be deemed to have been made under the corresponding provisions of this Master Circular; and
c) the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force.
5. The trustee / sponsor / manager of AIF, as the case may be, shall ensure that the ‘Compliance
Test Report’ prepared by the manager of the AIF, in terms of para2 of this Master Circular, includes compliance with the provisions of all chapters of this Master Circular.
6. This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
7. This Master Circular is available on SEBI website at sebi.gov.in in the path “Legal -> Master Circulars” and “Info for -> Alternative Investment Funds”.
Yours sincerely,
Anshul Goyal
Deputy General Manager
Tel no.: +91-22-2644 9389
anshulg@sebi.gov.in
