SEBI Streamlines Reporting Framework for AIFs

In a move aimed at improving ease of doing business and reducing the operational burden associated with regulatory filings, the Securities and Exchange Board of India (SEBI) has introduced a revised framework for reporting investment activities by Alternative Investment Funds (AIFs). The revised framework simplifies quarterly reporting requirements while shifting detailed disclosures to an annual filing.

Under the SEBI (Alternative Investment Funds) Regulations, 2012, and SEBI’s Master Circular for AIFs, AIFs are required to submit periodic activity reports through the SEBI intermediary portal.

Existing framework

Under the existing framework, AIFs are required to submit activity reports on a quarterly basis within 15 days from the end of each quarter.

Revised framework

The revised reporting structure is described below:

• Annual activity report: AIFs will submit a comprehensive annual activity report containing detailed scheme-level, investor-level and portfolio-level disclosures for the financial year ending March. This report must be filed within 30 days of the end of the financial year.
• Limited quarterly activity reports: AIFs will also be required to submit limited quarterly activity reports capturing essential supervisory information within 15 days from the end of each quarter. SEBI has clarified that no quarterly report will be required for the first quarter (Q1), as the annual filing will incorporate the relevant data points.
• Reporting formats: Following periodic review, the revised reporting formats have also been finalised. These may be accessed here.

First filing under the revised framework

The new framework has come into force with immediate effect.

• The first annual activity report for the financial year ending March 2026 must be filed by May 31, 2026 (a one-time extension of one month has been provided for the current year).
• The first limited quarterly activity report will be required for the quarter ending June 2026.