SEBI Circular: Revised Reporting Format for Regulatory Compliance of AIFs
Introduction
This circular pertains to the regulatory reporting requirements for Alternative Investment Funds (AIFs) as specified in Regulation 28 of SEBI (AIF) Regulations, 2012, and Clause 15.1 of SEBI Master Circular for AIFs, dated July 31, 2023. AIFs are mandated to submit quarterly reports to SEBI, highlighting their activities in the prescribed format.
Collaboration and Enhanced Compliance Standards
To ensure uniform compliance standards and enhance reporting ease in the AIF industry, SEBI has collaborated with industry associations, namely the Indian Venture and Alternate Capital Association (IVCA) and Equalifi. The existing quarterly reporting format has undergone a comprehensive review in consultation with these associations to facilitate regulatory and developmental objectives. The organization has formulated a revised reporting format as a result.
Access and Assistance
The AIF industry associations will make the revised reporting format available on their websites within two working days of issuing this circular. These associations, namely IVCA and Equalifi, will provide comprehensive assistance to all AIFs in understanding the reporting requirements, as well as resolving any queries or concerns that may arise during the reporting process. This ensures accurate and timely submission of reports.
Online Submission via the SEBI Intermediary Portal
AIFs are required to submit their quarterly reports electronically through the SEBI Intermediary Portal (SI Portal) in accordance with the revised reporting format mentioned above. You must complete the submission within 15 calendar days from the end of each quarter. This online submission mechanism promotes efficiency and accuracy in regulatory compliance.
Periodic Review and Transparent Communication
Recognizing the dynamic nature of the AIF industry, the revised reporting format will undergo periodic reviews. The association or any AIF Standard Setting Forum will conduct these reviews in consultation with SEBI. The association or the AIF Standard Setting Forum will publish the updated version of the reporting format on their websites at least one month prior to the end of the quarter.
Applicability and Compliance Deadlines
To ensure a smooth transition and trial run for the revised reporting format, the association will engage with all AIFs for the submission of the quarterly report for the June 2023 quarter in the revised format. You must complete this submission by October 15, 2023, via the SI Portal. Afterward, you must submit the report in the revised format for the quarter ending September 30, 2023, by November 15, 2023. Starting from the quarter ending December 31, 2023, all AIFs must adhere to the revised reporting format mentioned in paragraph 5 above.
Authority and Access to Circular
SEBI issued this circular in accordance with Section 11(1) of the Securities and Exchange Board of India Act, 1992.. Its purpose is to safeguard investors’ interests, promote the development of the securities market, and regulate AIFs. The circular can be accessed on the SEBI website (www.sebi.gov.in) under the categories “Legal Framework – Circulars” and “Info for-Alternative Investment Funds”.
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