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The objective is to enhance transparency and streamline reporting requirements for AIFs operating in the Indian market
The Securities Exchange Board of India (SEBI) has introduced a revised quarterly reporting format for all Alternative Investment Funds (AIFs) through a circular dated September 14th.
This update aims to establish uniform compliance standards, simplify compliance reporting, and serve regulatory and developmental objectives.
SEBI's decision to introduce this new reporting format follows a review of the previous one, conducted in consultation with AIF Industry Associations, including the Indian Venture and Alternate Capital Association (IVCA) and Equalifi.
The objective is to enhance transparency and streamline reporting requirements for AIFs operating in the Indian market.
The circular stipulates that all Alternative Investment Funds (AIFs) must promptly display the new reporting format on their respective websites within 2 working days of the circular's issuance.
Additionally, AIFs are required to submit their quarterly reports via the SEBI Intermediary Portal (SI Portal) using the revised format. This submission should occur within 15 calendar days following the conclusion of each quarter.
Furthermore, the circular states that in the event of any revisions to the reporting format, these modifications must be posted on the association's website at least 1 month prior to the end of the quarter.
“To keep pace with the fast-changing landscape of AIF industry and for policy and supervision purposes, the aforesaid reporting format shall be reviewed periodically by association / any AIF Standard Setting Forum in consultation with SEBI. In case of any revisions in the reporting format, revised format shall be made available on websites of association / the AIF Standard Setting Forum at least 1 month prior to end of the quarter,” the circular reads.
The market regulator has mandated that all Alternative Investment Funds (AIFs) conduct a trial run, where the quarterly report for the June 2023 quarter is to be submitted in the revised format by October 15, 2023, through the SI Portal.
For the quarter ending September 30, 2023, AIFs are required to submit the report in the revised format by November 15, 2023.
Starting from the quarter ending December 31, 2023, AIFs must submit their quarterly reports in the updated format as a regular practice.
Source: https://www.sebi.gov.in/legal/circulars/sep-2023/regulatory-reporting-by-aifs_76908.html
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