Description

SEBI revises AIF reporting requirements, replacing quarterly reports with a comprehensive Annual Activity Report and a limited Quarterly Activity Report, effective immediately.

Summary

SEBI has revised the regulatory reporting framework for Alternative Investment Funds (AIFs) by replacing the existing quarterly reporting system with a comprehensive Annual Activity Report and a limited Quarterly Activity Report. Reports will now be submitted online via the SEBI Intermediary Portal (SI Portal). This circular supersedes Clause 15.1 of Chapter 15 of the Master Circular for AIFs dated May 07, 2024.

Key Points

  • AIFs must now submit a comprehensive Annual Activity Report at the end of March each financial year
  • A limited Quarterly Activity Report must be submitted within 15 calendar days from the end of each quarter (except March quarter)
  • No separate Quarterly Activity Report required for March quarter as Annual Activity Report covers those data points
  • Reporting format has been reviewed to incorporate changes to AIF Regulations and circulars
  • Change was recommended by SEBI’s Working Group on “Ease of Doing Business and Reducing Cost of Compliance”
  • IVCA will make revised reporting formats available on their website within 3 days of circular issuance

Regulatory Changes

  • This circular supersedes Clause 15.1 of Chapter 15 – “Reporting by AIFs” of the Master Circular for Alternative Investment Funds (AIFs) dated May 07, 2024
  • Reporting frequency reduced from purely quarterly to annual (comprehensive) plus limited quarterly
  • Reporting platform shifted to SEBI Intermediary Portal (SI Portal) from IVCA-hosted formats
  • Issued under Section 11(1) of SEBI Act, 1992 read with Regulation 28 and Regulation 36 of SEBI (Alternative Investment Funds) Regulations, 2012

Compliance Requirements

  • All AIFs must submit an Annual Activity Report online on the SI Portal within 30 calendar days from the end of March each financial year
  • All AIFs must submit a Quarterly Activity Report online on the SI Portal within 15 calendar days from the end of each quarter (Q1, Q2, Q3 only)
  • AIFs should refer to revised reporting formats to be published by IVCA on its website
  • IVCA is responsible for assisting AIFs in understanding reporting requirements and resolving any issues

Important Dates

  • Immediate effect: Circular provisions effective from March 04, 2026
  • May 31, 2026: Deadline for submission of the first Annual Activity Report (for financial year ending March 2026)
  • Within 3 days of circular: IVCA to publish revised reporting formats on its website
  • Quarter ending June 2026: First Quarterly Activity Report to be submitted under the new format

Impact Assessment

This change reduces the compliance burden on AIFs by consolidating annual reporting and limiting quarterly submissions. Fund managers will benefit from reduced administrative overhead. The shift to the SI Portal centralizes reporting and may improve SEBI’s supervisory capabilities. IVCA’s role as an industry facilitator is reinforced. There is no direct impact on listed securities or broader market operations, but all registered AIFs and their managers must update their compliance calendars and processes accordingly.

Impact Justification

Significant operational change for all AIFs affecting reporting frequency and format, but limited to fund managers and not directly impacting broader market or listed securities.