ANUJ DESAI & ASSOCIATES
Chartered Accountants
MASTER COMPLIANCE DOCKET
Alternative Investment Funds (AIFs) — What an AIF Can and Cannot Do
Do's & Don'ts • Category & Sub-Category Wise Rules • Implications • Regulation/Circular-Wise Reference
Prepared for internal staff training and client/junior-staff education
Built on the SEBI (Alternative Investment Funds) Regulations, 2012 (as amended up to the Second Amendment Regulations, September 9, 2025), and the SEBI Master Circular for AIFs (consolidated position as reflected in SEBI's compiled circular record up to July 2026).
How To Use This Docket
This docket is designed so that any staff member — ours or a client's — can independently answer "can an AIF do X" or "what happens if an AIF does Y" without escalating every question to the Principal.
- Each topic follows the same structure: a short explanation → a ✔ CAN DO / ✘ CANNOT DO table → Implications if breached → the exact Regulation/Circular reference.
- Percentages, limits, and timelines are stated exactly as they appear in the Regulations/Master Circular as of this docket's date — always re-verify against the live SEBI website before using a figure in a signed opinion, since AIF Regulations are amended frequently (this docket alone reflects amendments from 2013 through September 2025).
- Part N is a master Regulation-reference table. Part O is a circular-reference table. Use both to cite exact authority in any client communication.
- "AIF" below means an Alternative Investment Fund registered under the SEBI (Alternative Investment Funds) Regulations, 2012 ('AIF Regulations'), covering all schemes under Category I, II, and III unless a specific category/sub-category is stated. Golden rule for staff: if a question is not answered here, do NOT guess — check Part N/O for the relevant Regulation/circular, or escalate. Never give a verbal compliance opinion that is not traceable to a Regulation or circular.
Link For the Docket - https://ktmckzwwwtfvsphgktxq.supabase.co/storage/v1/object/public/media/2026/1783931095949-master-aif-compliance-docket-1-16.pdf
Certain Users might face difficulty to directly open the link above, in such cases please copy paste this link in your browser - https://ktmckzwwwtfvsphgktxq.supabase.co/storage/v1/object/public/media/2026/1783931095949-master-aif-compliance-docket-1-16.pdf
In case if you want to seek professional advice, or have any queries or concerns regarding the docket, please reach out to us on 9619456656 or office@anujdesaiassociates.com