SEBI issues Circular dated 14.09.2023 on regulatory reporting by AIFs

SEBI issued circular no. SEBI/HO/AFD/SEC-1/P/CIR/2023/0155 dated 14.09.2023 to all Alternate Investment Funds (AIFs) and Indian Venture and Alternate Capital Association (IVCA) regulating the reporting by AIFs. The Circular prescribes that:

1. AIFs will have to submit quarterly reports to SEBI regarding activities carried on by the AIFs. The report has to be in the format specified.
2. To enable the AIF industry to have a uniform compliance standard, ease compliance reporting and for regulatory and developmental purposes, the existing quarterly reporting format has been reviewed in consultation with the AIF Industry Association – IVCA and Equalifi (hereinafter referred to as ‘association’) and the revised format has been prepared.
3. The revised reporting format shall be hosted by the AIF associations on their website within 2 working days of the issuance of this circular.
4. The association shall assist the AIFs in understanding the reporting requirements and in clarifying or resolving any issues which may arise in connection with reporting to ensure accurate and timely reporting.
5. The quarterly report shall be submitted by AIFs online on the SEBI Intermediary Portal (SI Portal) as per the aforesaid revised format. The report shall be submitted within 15 calendar days from the end of each quarter.
6. To keep pace with the fast-changing landscape of the AIF industry and for policy and supervision purposes, the aforesaid reporting format shall be reviewed periodically by the association/ any AIF Standard Setting Forum inn consultation with SEBI. In case of any revision in the reporting format, the revised format shall be made available on websites of association/the AIF Standard Setting Forum at least 1 month prior to the end of the quarter.

Applicability:

1. The association shall engage with all AIFs to ensure that to begin with and to carry out a trial run, quarterly report for the June 2023 quarter is submitted in the revised format by 15.10.2023 on the SI Portal.
2. The report for the quarter ending 20.09.2023 shall be submitted in the revised format by 15.11.2023.
3. From quarter ending 31.12.2023 onwards, AIFs shall not submit quarterly report in the revised format as mentioned at paragraph 5 above.
4. This Circular is issued by exercising powers conferred under Section 11(1) of the SEBI Act 1992 to protect the interest of investors in securities and to promote the development of and to regulate the securities market.
5. This circular is made available on website www.sebi.gov.in under the categories “Legal Framework- Circulars” and “Info for-Alternative Investment Funds”.