SEBI revises the regulatory reporting framework for AIFs

The Securities and Exchange Board of India (SEBI) has, vide its circular dated March 4, 2026, (Circular), introduced reforms to the regulatory reporting framework for Alternative Investment Funds (AIFs) to reduce compliance burden while ensuring effective regulatory oversight. The Circular follows recommendations by SEBI’s Working Group on “Ease of Doing Business and Reducing Cost of Compliance” and represents a significant rationalisation of AIF reporting requirements.

The Circular introduces a simplified structure for quarterly reporting by AIFs while shifting detailed disclosures to annual filings. These reforms should ease compliance requirements for AIF managers, while allowing SEBI to maintain access to comprehensive supervisory and policy data. The provisions outlined in the Circular will be enforced with immediate effect.

Key highlights of the Circular are outlined below:

1. Introduction of comprehensive annual activity report:

• • AIFs will now be required to submit a comprehensive Annual Activity Report within 30 calendar days from the end of March of each financial year, online on the SEBI Intermediary Portal (SI Portal) capturing detailed information about the AIF’s activities over the entire financial year.

• • The first such Annual Activity Report will need to be submitted for the year ending March 2026 latest by May 31, 2026.

2. Streamlined Quarterly Activity Report:

• • A limited Quarterly Activity Report in a revised format must be submitted by all AIFs online on the SI Portal within 15 calendar days from the end of each quarter (i.e., June, September and December quarters).

• • The first such revised Quarterly Activity Report will need to be submitted for the quarter ending June 2026.

• • No separate submission of Quarterly Activity Report will be required for the quarter ending March of every year, as the Annual Activity Report includes the relevant data points.

The revised reporting formats will be made available on the website of the Standards Forum, i.e., the AIF Industry Association, Indian Venture and Alternate Capital Association (IVCA) within three days from the date of issuance of the Circular. The revised formats have been designed to incorporate changes to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 and circulars issued thereunder, ensuring that the reporting framework remains current and relevant.

The Circular supersedes the provisions under Clause 15.1 of Chapter 15 titled “Reporting by AIFs” of the Master Circular for AIFs dated May 7, 2024.

Conclusion

By replacing the existing quarterly-only reporting regime with a combination of a comprehensive annual report and a limited quarterly report, both aligned to updated regulatory requirements and filed through the SEBI Intermediary Portal (SI Portal), SEBI seeks to reduce the compliance burden and compliance costs on AIFs while maintaining robust supervisory oversight. The involvement of IVCA in disseminating formats and providing implementation support is intended to facilitate a smooth transition to the new reporting framework.