AIF Registration & SEBI Compliance
End-to-end advisory for Alternative Investment Fund (AIF) registration with SEBI under the AIF Regulations 2012, covering Cat I, II, and III fund structures.
Overview
An Alternative Investment Fund (AIF) is a privately pooled investment vehicle that collects funds from sophisticated investors for investing under a defined investment policy. AIFs are regulated by SEBI under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.
Our AIF engagement covers the complete lifecycle:
Structure Selection: Advising on Category I (VCF, SME Funds, Social Impact, Infrastructure), Category II (PE, Debt, Fund-of-Funds), or Category III (Hedge, PIPE strategy) based on investment strategy and investor profile.
Legal Entity Setup: AIF must be established as a Trust, LLP, Body Corporate, or company. We handle the entity formation, trust deed / LLP agreement drafting, and investment management agreement (IMA).
SEBI Registration: Preparation and filing of the AIF application (Form A) with SEBI, including the Private Placement Memorandum (PPM), compliance manual, compliance officer appointment, and all supporting documentation.
Regulatory Requirements: Minimum corpus ₹20 crore (Cat I/II) or ₹10 crore (Cat III); minimum investment per investor ₹1 crore (employees/directors: ₹25 lakh). Manager contribution: 2.5% of corpus or ₹5 crore (whichever is lower) for Cat I/II; 5% or ₹10 crore for Cat III.
Ongoing Compliance: Quarterly reporting to SEBI (Form E), annual audit, PPM amendments, close-end fund extensions, and investor communication frameworks.
Regulatory basis: SEBI (Alternative Investment Funds) Regulations, 2012; SEBI Circular CIR/IMD/DF/14/2014; SEBI Master Circular on AIFs (latest).
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