Master Circular for Alternative Investment Funds (AIFs) - SEBI - SEBI/HO/AFD/PoD1/P/CIR/2023/130

MASTER CIRCULAR SEBI/HO/AFD/PoD1/P/CIR/2023/130 July 31, 2023 To, All Alternative Investment Funds All Custodians All Depositories All Registrar to an Issue and Share Transfer Agents Sir/Madam, Sub: Master Circular for Alternative Investment Funds (AIFs) 1. With an objective to ensure an effective regulatory framework for AIFs, Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. The provisions of the aforesaid circulars issued by SEBI up to March 31, 2023, which are operational as on date, have been incorporated in this Master Circular for AIFs. 2. Circulars providing temporary relaxations with regard to certain compliance requirements for AIFs have not been included in the Master Circular. 3. In addition to the requirements specified under this Master Circular, the AIFs shall be required to independently comply with the other requirements specified by SEBI for market intermediaries such as the Levy of Goods Services Tax (GST) on the fees payable to SEBI , Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market , Digital mode of payment , Information regarding Grievance Redressal Mechanism and Guidelines on Outsourcing of Activities by Intermediaries , etc. 4. With respect to any other directions or guidance issued by SEBI, as specifically applicable to AIFs, the same shall continue to remain in force in addition to the provisions of this Master Circular or any other law for the time being in force. 5. This Master Circular shall come into force from the date of its issuance. The circulars mentioned in Annexure 19 of this Master Circular shall stand rescinded with the issuance of the Master Circular. 6. Notwithstanding such rescission: a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted, fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b) any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; c) the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded. 7. This circular is issued with the approval of the competent authority. 8. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 9. The circular is available on SEBI website at www.sebi.gov.in under the categories Legal framework Master Circulars and Info for - Alternative Investment Funds . Yours faithfully, Sanjay Singh Bhati Deputy General Manager Tel no.: +91-22-26449222 [email protected]