The Securities and Exchange Board of India notified the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2026 on 10 July 2026, effective from their publication in the Official Gazette. The amendments provide that applications under regulation 12(1) shall be accompanied by fees specified in the Second Schedule, while exempting the first scheme launched by an Alternative Investment Fund from scheme fees. Regulation 12(2) replaces the period of “thirty” with “ten working” and requires filing of documents specified by the Board instead of fees, while omitting the existing proviso. Regulation 12(3) is substituted to provide that, after filing the specified documents, the Board may communicate its comments to the merchant banker or the Manager. A new regulation 12(3A) requires the merchant banker or the Manager to ensure compliance with such comments. The proviso to regulation 12(3) is amended to provide that regulations 12(2), 12(3) and 12(3A) shall not apply to Accredited Investors only fund. The notification also omits the words “through a merchant banker” from regulation 19D(4) and omits regulation 19D(5).
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th July, 2026
Securities And Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2026
No. SEBI/LAD-NRO/GN/2026/313.— In exercise of the powers conferred by Section 30(1) read with Section 11(1), Section 11(2)(ba), Section 11(2)(c), Section12(1) and Section12(1B) of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, namely, –
1. These Regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2026.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, –
I. In regulation 12(1), the symbol “.”, shall be substituted with the words and symbol “along with the fees as specified in the Second Schedule:”
II. 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.”
III. 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.
IV. 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.”
V. 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:”
VI. 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”.
VII. In regulation 19D(4), the words “through a merchant banker” shall be omitted.
VIII. Regulation 19D(5) shall be omitted.
AMIT PRADHAN, Executive Director
7[ADVT.-III/4/Exty./217/2026-27]
Note:
The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 was published in the Gazette of India on May 21, 2012 vide notification No. SEBI/LAD-NRO/GN/2012-13/04/11262 and was last amended by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2026 vide No. SEBI/LAD-NRO/GN/2026/303.
