Harun Raaj & AssociatesHarun Raaj & Associates
AIF & Funds

AIF Services | SEBI Registration, PPMs & Fund Compliance

AIF registration, PPM drafting, fund structuring, investor reporting, GIFT City setup, and pass-through tax support.

This hub supports the full AIF lifecycle from structuring to ongoing filings. It is intended for fund managers, sponsors, and advisors that need SEBI-facing compliance with a clear tax and documentation path.

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Focus Areas

What this hub covers

AIF registration across Category I, II, and IIIPPM and LPA drafting with compliant disclosuresInvestor reporting, valuation, and compliance calendarsGIFT City structuring and pass-through tax analysisAngel Fund, FoF, and co-investment structures
Statutory Anchors
SEBI (AIF) Regulations 2012Regulation 10Regulation 15Regulation 20Section 10(23FBA), Income Tax ActSection 115UB, Income Tax ActGIFT City IFSCA framework
Lifecycle Map

Typical engagement flow

Structure

Choose the category, fund vehicle, and constitutional documents before fundraise materials are drafted.

Register

Prepare and file the SEBI registration package and supporting disclosures for the investment manager.

Draft PPM/LPA

Document strategy, fees, risk factors, conflicts, and governance terms for investors.

Comply Ongoing

Track reporting, valuation, investor communications, and tax treatment over the fund life.

Services

Related services in this lifecycle

Compliance

AIF Compliance

Ongoing AIF compliance calendar, reporting, and governance support for registered fund managers.

AIFComplianceSEBI
Fund Services

AIF Fund Services

End-to-end fund support from launch planning to investor documentation and periodic filings.

Fund SetupAIFReporting
SEBI

SEBI AIF Registration Support

SEBI registration preparation, manager disclosures, and query response support.

SEBIRegistrationAIF
Angel Fund

Angel Fund Advisory

Angel fund structuring, investor onboarding, and eligibility review under the AIF framework.

Angel FundAIFStartup
GIFT City

GIFT City AIF Structuring

IFSC-based fund structuring, documentation, and compliance planning for global capital pools.

GIFT CityIFSCFund
Due Diligence

Fund Due Diligence

Due diligence on managers, sponsors, governance, and fund terms before capital is committed.

Due DiligenceAIFGovernance
PPM / LPA

PPM & LPA Drafting

Private placement memorandum and limited partnership agreement drafting with compliant disclosures.

PPMLPAAIF
Accredited Investor

Accredited Investor Advisory

Investor eligibility review and documentation support for accredited investor participation.

Accredited InvestorAIFEligibility
Tax Planning

PMS / AIF Tax Planning

Pass-through, withholding, and investor-level tax planning for portfolio and fund structures.

TaxAIFPMS
SM-REIT

SM-REIT Registration

SM-REIT structuring and registration support for real estate backed investment vehicles.

SM-REITReal EstateSEBI
FAQs

Common questions

What is the difference between Category I, II, and III AIFs?

Under the SEBI (AIF) Regulations 2012, Category I and II are generally closed-end private capital structures, while Category III may use complex trading strategies and leverage subject to the regulations.

What tax treatment applies to Category I and II AIFs?

Under Section 10(23FBA) and Section 115UB of the Income Tax Act, Category I and II AIFs can receive pass-through treatment for specified income, while the fund and investors are taxed as the law provides.

What must the PPM contain?

Under the SEBI (AIF) Regulations 2012, the PPM must disclose strategy, fees, risk factors, conflicts, restrictions, and the manager’s operating framework before commitments are accepted.

Do AIFs have ongoing reporting obligations?

Yes. Ongoing reporting, valuation, and investor disclosure are required under the SEBI (AIF) Regulations 2012 and the applicable SEBI circulars.

What is the advantage of GIFT City for fund structures?

GIFT City structures are supported by the IFSCA framework, which can offer a different operating and tax environment compared with an onshore AIF, subject to the specific setup.

Need the right filing or advisory path?

We can map the facts, confirm the statutory route, and move from draft to execution without the usual back-and-forth.

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