AIF compliance — SEBI guides for fund managers
Guides by CA Anuj Desai for managers of Alternative Investment Funds — the SEBI (AIF) Regulations, 2012 and later amendments, Category I, II and III rules, angel and venture capital funds, the PPM audit, accredited investors, investor reporting, taxation and GIFT City funds.
- GST on AIF Management Fees, Performance Fees and Carried Interest
GST guide for AIF management fees, performance fees, and carried interest. Learn about the 18% GST rate, fund expense treatment, and compliance for fund managers.
CA Anuj Desai · 15 Sept 2026
- GST on Trustee Fees for AIFs and Trust Structures
GST implications of trustee fees for AIFs and trust structures. Learn about the taxability of trustee services, ITC eligibility for funds, and compliance obligations for Category I, II, and III AIFs.
CA Anuj Desai · 15 Sept 2026
- GST on Fund Administration and Back-Office Services for AIFs and PMS
GST guide for fund administration and back-office services for AIFs and PMS. Learn about the 18% GST rate, ITC eligibility, and compliance for fund accounting, NAV calculation, and investor servicing.
CA Anuj Desai · 15 Sept 2026
- GST Treatment of Pass-Through and Reimbursed Expenses for AIFs and PMS
Understand GST treatment of pass-through and reimbursed expenses for AIFs and PMS. Learn about the pure agent concept under Rule 33, taxable vs non-taxable reimbursements, and ITC implications.
CA Anuj Desai · 15 Sept 2026
- GST Compliance Calendar for SEBI-Registered Intermediaries: AIF, PMS, RA and Stock Brokers
Complete GST compliance calendar for SEBI-registered intermediaries including AIFs, PMS, Research Analysts, and Stock Brokers. Monthly, quarterly, and annual due dates.
CA Anuj Desai · 15 Sept 2026
- GST Health Check for AIFs and Portfolio Managers: A Practical Checklist
Practical GST health check checklist for AIFs and portfolio managers. Review registration, ITC, RCM, pass-through expenses, and compliance to identify risks and optimise tax position.
CA Anuj Desai · 15 Sept 2026
- GST Audit for AIFs, PMS and Stock Brokers: Sector-Specific Focus Areas
GST audit focus areas for AIFs, PMS, and stock brokers. Learn about Rule 38 ITC, export of services, RCM compliance, and sector-specific audit triggers.
CA Anuj Desai · 15 Sept 2026
- Advance Ruling for AIF, PMS and Fund Structures: Strategic Use Cases
Strategic use cases of advance ruling for AIF, PMS, and fund structures. Learn how to obtain certainty on carried interest, management fees, and export issues.
CA Anuj Desai · 15 Sept 2026
- GST Advisory Services for AIFs, PMS and SEBI-Registered Intermediaries
GST advisory services for AIFs, PMS, and SEBI-registered intermediaries explained. Learn about fund management fees, carried interest, and GIFT City structuring.
CA Anuj Desai · 15 Sept 2026
- GST Compliance Services for AIFs: Registration, Filing and Advisory
GST compliance services for AIFs — registration, filing, and advisory. Learn how a CA firm manages GST for Category I, II, and III AIFs.
CA Anuj Desai · 15 Sept 2026
- GST Advisory for Category II AIFs: Structuring Fees to Minimise Disputes
GST advisory for Category II AIFs — structuring fees to minimise disputes. Learn how to structure management fees, performance fees, and pass-through expenses.
CA Anuj Desai · 15 Sept 2026
- GST Advisory for Category III AIFs: Fee Structuring and RCM Compliance
GST advisory for Category III AIFs — fee structuring and RCM compliance. Learn about registration, ITC apportionment, and fee structuring for hedge funds.
CA Anuj Desai · 15 Sept 2026
- GST Trustee Compliance Support for AIFs
GST trustee compliance support for AIFs explained. Learn about trustee fee RCM, ITC eligibility, and compliance for trust structures.
CA Anuj Desai · 15 Sept 2026
- GST Health Check for AIF and PMS Fee Structures Before an Audit
GST health check for AIF and PMS fee structures before an audit. Learn how a CA firm reviews fee structures, ITC, RCM, and documentation.
CA Anuj Desai · 15 Sept 2026
- GST Registration for AIFs, Fund Managers and Investment Managers: A Complete Compliance Guide
Comprehensive guide to GST registration requirements for Alternative Investment Funds (AIFs), fund managers, and investment managers with practical compliance insights.
CA Anuj Desai · 14 Aug 2026
- DTAA Documentation Checklist for NRI Investors in Indian AIFs and Mutual Funds
A comprehensive DTAA documentation checklist for NRI investors in Indian AIFs and mutual funds under the DTC, covering certificates, declarations, and compliance requirements.
CA Anuj Desai · 31 Jul 2026
- Fee Applicability – Individual/HUF vs Non-Individual vs Accredited Investors
A detailed analysis of fee applicability for Research Analysts across different client categories, including individual/HUF, non-individual, and accredited investors.
CA Anuj Desai · 25 Jul 2026
- Client-Level Segregation – Exemption for Institutional Clients and Accredited Investors
A comprehensive guide to the exemption from client-level segregation requirements for institutional clients and accredited investors.
CA Anuj Desai · 25 Jul 2026
- Custodian's Role in PMS — Functions, SEBI Requirements & Comparison with AIF Custody
A comprehensive guide to the custodian's role in PMS, including functions, SEBI requirements, and comparison with AIF custody arrangements.
CA Anuj Desai · 25 Jul 2026
- PMS vs AIF vs Mutual Fund Taxation — Complete Comparative Guide
A comprehensive comparative guide to taxation of PMS, AIF, and Mutual Funds in India, covering key differences, rates, and strategic considerations for investors.
CA Anuj Desai · 25 Jul 2026
- PMS vs AIF — Key Structural and Regulatory Differences Explained
A comprehensive comparison of PMS and AIF, highlighting key structural and regulatory differences to help investors choose the right vehicle.
CA Anuj Desai · 25 Jul 2026
- SEBI's Regulatory Philosophies Compared — PMS, AIF, Mutual Fund, Stock Broker & IA
A comprehensive comparison of SEBI's regulatory philosophies across PMS, AIF, Mutual Fund, Stock Broker, and Investment Adviser categories.
CA Anuj Desai · 25 Jul 2026
- Original Fund to Resultant Fund Relocation — The 5% Resident Participation Cap for Cat III AIFs
A comprehensive guide to the 5% resident participation cap for Category III AIFs in original fund to resultant fund relocation under the Direct Tax Code.
CA Anuj Desai · 25 Jul 2026
- Category III AIF Relocation to IFSC — The 5% Resident-Participation Condition Explained
A comprehensive guide to the 5% resident participation condition for Category III AIF relocation to IFSC under the Income Tax Act, 2025.
CA Anuj Desai · 25 Jul 2026
- DTC Transfer Pricing and AIF Manager Fee Arrangements — When Arm's Length Rules Apply
A comprehensive analysis of transfer pricing rules applicable to AIF manager fee arrangements under the DTC, covering arm's length price determination, associated enterprise tests, and documentation requirements.
CA Anuj Desai · 25 Jul 2026
- GAAR and AIF Structuring — What Makes a Fund Structure "Genuine Commercial Substance"
A comprehensive analysis of GAAR implications for AIF structuring under the DTC, focusing on the genuine commercial substance test and strategies for defensible fund structures.
CA Anuj Desai · 25 Jul 2026
- Category III AIF Relocation to GIFT City — The DTC Rule 51 Resident Participation Test
A comprehensive guide to the relocation of Category III AIFs to GIFT City under the DTC, focusing on the resident participation test prescribed under Rule 51 and compliance requirements.
CA Anuj Desai · 25 Jul 2026
- AIF Manager Cross-Border Fee Structures — Transfer Pricing Documentation Requirements
A comprehensive guide to transfer pricing documentation requirements for cross-border AIF manager fee structures, covering documentation, benchmarking, and compliance obligations.
CA Anuj Desai · 25 Jul 2026
- Safe Harbour Rules and AIF-Linked Service Companies — Do They Apply to Fund Managers?
A comprehensive analysis of safe harbour rules and their applicability to AIF-linked service companies and fund managers under the DTC.
CA Anuj Desai · 25 Jul 2026
- AIF Co-Investment Structures Under GAAR — Avoiding the Impermissible Arrangement Trap
A comprehensive analysis of GAAR risks in AIF co-investment structures, focusing on the impermissible arrangement test and strategies for defensible structuring.
CA Anuj Desai · 25 Jul 2026
- DTAA and Foreign LP Taxation in Indian AIFs — Certificate of Residence Requirements
A comprehensive guide to DTAA and foreign LP taxation in Indian AIFs, focusing on the certificate of residence requirements and documentation obligations.
CA Anuj Desai · 25 Jul 2026
- Foreign Tax Credit for AIF Investors — How Pass-Through Income Interacts With Rule 76
A comprehensive guide to foreign tax credit for AIF investors under Rule 76, focusing on how pass-through income interacts with the credit mechanism and documentation requirements.
CA Anuj Desai · 25 Jul 2026
- AIF Fund-of-Funds Structures and Transfer Pricing — Related Party Fee Arrangements
A comprehensive guide to transfer pricing implications for AIF fund-of-funds structures, focusing on related party fee arrangements and documentation requirements.
CA Anuj Desai · 25 Jul 2026
- GAAR Risk in AIF Side Letters and Fee Waivers — What CAs Should Flag
A comprehensive analysis of GAAR risks in AIF side letters and fee waivers, focusing on what CAs and tax professionals should flag during compliance reviews.
CA Anuj Desai · 25 Jul 2026
- CbCR Implications for AIF Sponsor Groups With Multiple Fund Vehicles
A comprehensive analysis of Country-by-Country Reporting (CbCR) implications for AIF sponsor groups with multiple fund vehicles, covering thresholds, filing requirements, and compliance strategies.
CA Anuj Desai · 25 Jul 2026
- Master File Obligations for AIF Manager Groups Crossing the ₹500 Crore Threshold
A comprehensive guide to master file obligations for AIF manager groups crossing the ₹500 crore threshold, covering documentation requirements and compliance strategies.
CA Anuj Desai · 25 Jul 2026
- APA for AIF Management Fee Structures — Is It Worth the ₹20 Lakh Filing Fee?
A comprehensive analysis of whether Advance Pricing Agreements (APAs) are worth the ₹20 lakh filing fee for AIF management fee structures, covering costs, benefits, and decision criteria.
CA Anuj Desai · 25 Jul 2026
- DTC Slump Sale Rules and AIF Portfolio Company Exits — Valuation Implications
A comprehensive analysis of slump sale rules under Section 77 of the DTC and their valuation implications for AIF portfolio company exits, covering net worth computation and fair market value determination.
CA Anuj Desai · 25 Jul 2026
- Unquoted Equity Valuation Rules and AIF Portfolio Company Fair Value Reporting
A comprehensive guide to unquoted equity valuation rules under Rule 57 of the DTC and their implications for AIF portfolio company fair value reporting, covering valuation methods and compliance requirements.
CA Anuj Desai · 25 Jul 2026
- AIF Carried Interest and GAAR — Structuring Waterfall Mechanics Defensibly
A comprehensive guide to structuring AIF carried interest waterfall mechanics defensibly under GAAR, covering risk assessment, commercial substance, and compliance strategies.
CA Anuj Desai · 25 Jul 2026
- Notified Jurisdictional Area Rules and Offshore AIF Feeder Structures
A comprehensive guide to notified jurisdictional area rules under Section 176 of the DTC and their implications for offshore AIF feeder structures, covering compliance requirements and risk mitigation strategies.
CA Anuj Desai · 25 Jul 2026
- IFSC Finance Company Rules and AIF-Linked Lending Vehicles in GIFT City
A comprehensive guide to IFSC finance company rules and their application to AIF-linked lending vehicles in GIFT City, covering registration, compliance, and structuring strategies.
CA Anuj Desai · 25 Jul 2026
- Transfer Pricing for AIF Related-Party Portfolio Company Transactions
A comprehensive guide to transfer pricing for AIF related-party portfolio company transactions under the DTC, covering associated enterprise tests, arm's length pricing, and documentation requirements.
CA Anuj Desai · 25 Jul 2026
- DTC Depreciation Rules and AIF Infrastructure Fund Portfolio Assets
A comprehensive guide to DTC depreciation rules and their application to AIF infrastructure fund portfolio assets, covering eligible assets, depreciation rates, and compliance requirements.
CA Anuj Desai · 25 Jul 2026
- Angel Tax Exemption Class-of-Persons Rules and AIF-Routed Startup Investments
A comprehensive guide to angel tax exemption class-of-persons rules and their application to AIF-routed startup investments, covering eligibility conditions and compliance requirements.
CA Anuj Desai · 25 Jul 2026
- AIF Manager Entity Restructuring — Change in Control Under DTC vs SEBI AIF Regulations
A comprehensive comparison of change in control requirements under DTC vs SEBI AIF Regulations for AIF manager entity restructuring, covering compliance implications and practical considerations.
CA Anuj Desai · 25 Jul 2026
- Foreign Institutional Investor GAAR Carve-Out — Relevance to FPI-AIF Dual Structures
A comprehensive analysis of the Foreign Institutional Investor (FII) GAAR carve-out and its relevance to FPI-AIF dual structures, covering eligibility conditions and compliance implications.
CA Anuj Desai · 25 Jul 2026
- DTC Books of Account Rules for AIF Trustees and Fund Managers
A comprehensive guide to DTC books of account rules under Section 62 and Rule 46, and their application to AIF trustees and fund managers, covering compliance requirements and best practices.
CA Anuj Desai · 25 Jul 2026
- Bad Debt Provisions and AIF Category II Debt Fund NPA Classification
A comprehensive guide to bad debt provisions and NPA classification for AIF Category II debt funds under the DTC, covering identification, provisioning, and compliance requirements.
CA Anuj Desai · 25 Jul 2026
- SEBI AIF & MUTUAL FUND COMPLIANCE CALENDAR 26-27
This calendar consolidates every reporting obligation for SEBI-registered Alternative Investment Funds (Category I/II/III) under the AIF Regulations, Master Circular, and the 04‑Mar‑2026 SEBI circular, alongside Mutual Fund half‑yearly disclosure requirements for FY 2026‑27. It spans quarterly activity reports, investor disclosures, NAV calculations, PPM audits, trustee reporting, CSCRF submissions, PMLA reporting, FATCA/CRS, and more, all mapped to their due dates.
CA Anuj Desai · 23 Jul 2026
- Investment Adviser vs AIF Manager — Two Very Different SEBI Registrations, Explained
An Investment Adviser tells a client what to do; an AIF manager actually does it, with pooled money, under an entirely different regulatory regime — the two registrations solve fundamentally different problems
CA Anuj Desai · 18 Jul 2026
- Can an Investment Adviser Also Manage an AIF? — Structuring Multiple SEBI Registrations Under One Roof
Holding both IA and AIF registrations under one roof is legally possible — but SEBI requires the net worth, governance, and conflict-of-interest separation to be genuinely activity-specific, not shared
CA Anuj Desai · 18 Jul 2026
- SEBI's Four Regulatory Philosophies Compared — AIF, Mutual Fund, Stock Broker & Investment Adviser
SEBI doesn't regulate every market participant the same way — AIFs, mutual funds, stock brokers, and Investment Advisers each sit on a distinct point of a spectrum running from pure execution to pure fiduciary duty.
CA Anuj Desai · 18 Jul 2026
- Custodian's Role in Mutual Fund Operations – Functions, SEBI Requirements & AIF Comparison
Understand the role of a SEBI-registered custodian in mutual fund operations, including asset safekeeping, trade settlement, corporate actions, reconciliations, compliance monitoring, and how mutual fund custodians differ from AIF custodians
CA Anuj Desai · 17 Jul 2026
- Special Situation Funds (SSF): The Complete Guide to India's Distressed-Debt AIF Category
Everything about Special Situation Funds — the Category I AIF sub-category built specifically for stressed loan acquisition and distressed asset investing under SEBI's framework.
CA Anuj Desai · 15 Jul 2026
- Real Estate AIFs in India: Structuring, RERA Interplay & Exit Routes
How real estate-focused AIFs are structured in India, where RERA applies and where it doesn't, and the exit routes available to real estate fund investors.
CA Anuj Desai · 15 Jul 2026
- Infrastructure AIFs: Project Finance Structuring & the Path to InvIT Exit
How Infrastructure Funds — the Category I AIF sub-category for infrastructure investing — are structured, how they interact with project finance mechanics, and how InvITs serve as a natural exit route.
CA Anuj Desai · 15 Jul 2026
- Structured Credit & Mezzanine Debt Funds: How AIFs Structure Non-Standard Debt Investments
How structured credit and mezzanine debt AIFs differ from plain vanilla lending — instrument types, security structures, and covenant design.
CA Anuj Desai · 15 Jul 2026
- ESG & Impact-Focused AIFs: India's Framework Compared to Global Standards
How ESG and impact-focused investing actually works within India's AIF framework, how it compares to global standards like SFDR, and the greenwashing risks funds need to manage.
CA Anuj Desai · 15 Jul 2026
- Litigation Funding in India: Where AIFs Fit Into an Emerging, Largely Unregulated Frontier
An honest look at litigation funding as an emerging asset class in India — its uncertain regulatory status, how it works globally, and what structuring through an AIF would actually require.
CA Anuj Desai · 15 Jul 2026
- Renewable Energy & Climate Tech AIFs: PLI Schemes, Green Bonds & PPA Risk
How renewable energy and climate tech-focused AIFs navigate PLI incentive schemes, green bond financing, and the power purchase agreement risk underneath most renewable project investments.
CA Anuj Desai · 15 Jul 2026
- Healthcare & Pharma-Focused AIFs: Navigating the Regulatory Overlay Beyond SEBI
How healthcare and pharma-focused AIFs need to underwrite sector-specific regulatory risk — from the Drugs and Cosmetics Act to FDI's brownfield/greenfield distinction — alongside standard financial diligence.
CA Anuj Desai · 15 Jul 2026
- Deep-Tech & Defence-Sector AIFs: FDI Press Note 3, SCOMET & the iDEX Ecosystem
How deep-tech and defence-sector AIFs need to navigate FDI's land-border-country restrictions, export control considerations, and the government's iDEX innovation ecosystem.
CA Anuj Desai · 15 Jul 2026
- Agri-Tech AIFs: FDI Restrictions, FPO Linkages & the Essential Commodities Act
How agri-tech AIFs navigate India's restrictive agriculture FDI framework, structure around Farmer Producer Organisations, and manage Essential Commodities Act considerations.
CA Anuj Desai · 15 Jul 2026
- Fund of Funds AIFs: Structuring, the Fee-on-Fee Problem & Manager Selection Discipline
A complete standalone guide to Fund of Funds AIFs — how they're structured under SEBI's framework, the fee-on-fee problem investors need to understand, and how manager selection actually works.
CA Anuj Desai · 15 Jul 2026
- Nominee Director Duties & Liability for AIF-Appointed Board Representatives
What AIF-appointed nominee directors actually owe portfolio companies vs. the fund — fiduciary duty conflicts, Companies Act liability, and how to structure the role safely
CA Anuj Desai · 15 Jul 2026
- Term Sheet Negotiation: An AIF Investor's Playbook
How AIFs actually negotiate term sheets — the clauses that matter most, where founders push back hardest, and how to sequence negotiation for a clean close
CA Anuj Desai · 15 Jul 2026
- Anti-Dilution Provisions — Full Ratchet vs Weighted Average, Explained for AIF Investors
A clear, worked-example breakdown of full ratchet vs weighted average anti-dilution protection — how each formula works, when AIFs use which, and what founders should watch for.
CA Anuj Desai · 15 Jul 2026
- Liquidation Preference Structuring in AIF Term Sheets
Participating vs non-participating liquidation preference explained with worked examples — how AIFs structure exit payout priority and what it means for founders.
CA Anuj Desai · 15 Jul 2026
- GP-Led Secondaries & Continuation Funds in India: Regulatory Framework, Dissolution Period & AIF Structuring
Continuation funds and GP-led secondaries are reshaping global private equity, but remain largely unexplored in India. Learn how SEBI's AIF Regulations, the 2024 dissolution period framework, related-party approvals, valuation requirements, and FEMA considerations affect continuation-style transactions for Indian fund managers
CA Anuj Desai · 15 Jul 2026
- ROFR (Right of First Refusal) & Pre-Emption Rights AIFs Negotiate Into Investee Cap Tables
Understand ROFR and pre-emption rights in AIF investments. Learn how Right of First Refusal, anti-dilution rights, shareholder agreements, Articles of Association, and cap table protections work in Indian venture and private equity transactions
CA Anuj Desai · 15 Jul 2026
- Drag-Along & Tag-Along Rights — How AIFs Structure Exit Rights in Shareholders' Agreements
Understand drag-along and tag-along rights in AIF investments. Learn how exit rights, shareholder agreements, ROFR sequencing, transfer restrictions, and founder-investor protections are structured in Indian venture capital and private equity transactions.
CA Anuj Desai · 15 Jul 2026
- Follow-On Investment & Pro-Rata Rights — How AIFs Protect Ownership Across Funding Rounds
Learn how follow-on investments and pro-rata rights work in AIF transactions. Understand reserve capital, follow-on funding, dilution protection, shareholder agreement drafting, concentration limits, and SEBI AIF Regulations for venture capital and private equity funds in India.
CA Anuj Desai · 15 Jul 2026
- Bridge Financing by AIFs to Portfolio Companies — Structuring & Conversion Mechanics
Bridge financing enables AIFs to support portfolio companies between funding rounds, but must be carefully structured using convertible instruments such as CCDs or CCPS to remain compliant with SEBI's AIF Regulations. This guide explains bridge financing mechanics, conversion terms, regulatory considerations, FEMA implications, taxation, and best practices for fund managers.
CA Anuj Desai · 15 Jul 2026
- Recycling Provisions in AIFs — Reinvesting Early Exit Proceeds Back Into the Fund
Recycling provisions allow Alternative Investment Funds to redeploy early exit proceeds into new investments instead of distributing them immediately. This guide explains how recycling works, common limitations, SEBI considerations, PPM drafting, and best practices for Indian AIF managers.
CA Anuj Desai · 15 Jul 2026
- ESOP Pool Sizing — What AIF Investors Typically Negotiate at Term Sheet Stage
Learn how AIF investors negotiate ESOP pool sizing, pre-money dilution, valuation impact, vesting mechanics, and regulatory compliance under the Companies Act and SEBI framework.
CA Anuj Desai · 15 Jul 2026
- Cap Table Management Post-Investment — What an AIF Tracks Ongoing
Discover how AIF managers monitor cap tables after investing, track dilution, ownership thresholds, ESOPs, convertible securities, governance rights, and maintain SEBI AIF compliance
CA Anuj Desai · 15 Jul 2026
- PFIC (Passive Foreign Investment Company) Considerations for US LPs in Indian AIFs
Understand how PFIC rules impact US investors in Indian AIFs, including QEF elections, Form 8621, check-the-box classification, Form 8832, and cross-border fund structuring considerations.
CA Anuj Desai · 15 Jul 2026
- FVCI vs FPI vs Direct AIF Route — Choosing the Right Foreign Investment Structure Into India
Choosing between the FVCI, FPI and direct AIF route is one of the most important structuring decisions for foreign investors entering India. This guide compares regulatory scope, pricing flexibility, compliance requirements and practical use cases to help investors select the most appropriate investment vehicle
CA Anuj Desai · 15 Jul 2026
- Indian AIF vs Offshore Fund (Cayman, Singapore & Mauritius) — Full Comparative Structuring Guide
Should an India-focused fund be established as an Indian AIF or an offshore vehicle in Cayman, Singapore or Mauritius? This comprehensive guide compares regulation, taxation, investor preferences, fundraising strategy and operational complexity to help fund managers choose the most appropriate fund structure.
CA Anuj Desai · 15 Jul 2026
- Outbound Investment by Indian AIFs — FEMA Rules, ODI/OPI Classification & Overseas Investment Compliance Guide
Outbound investment by Indian AIFs involves much more than the industry-wide USD 1.5 billion limit. This guide explains the complete regulatory framework, including the 25% investable funds cap, ODI vs. OPI classification, jurisdictional eligibility, SEBI reporting timelines, RBI compliance requirements, and practical structuring considerations for overseas investments
CA Anuj Desai · 15 Jul 2026
- Round-Tripping Concerns for Indian AIFs — Mauritius, Singapore & FEMA Structuring Red Lines
Round-tripping remains a key regulatory concern for Indian AIFs despite the narrowing of treaty benefits. This guide explains FEMA and GAAR implications, beneficial ownership scrutiny, economic substance requirements, Mauritius and Singapore structuring considerations, and the practical compliance measures fund managers should adopt to mitigate regulatory and tax risks
CA Anuj Desai · 15 Jul 2026
- SEBI Enforcement Process for AIFs — Show Cause Notices, Adjudication, Settlement & Consent Orders
SEBI enforcement for AIFs follows a structured process—from inspections and investigations to show-cause notices, adjudication, and settlement proceedings. This guide explains each stage, the strategic use of SEBI's settlement framework, potential investor and governance implications, and practical steps AIF managers should take to respond effectively to regulatory scrutiny.
CA Anuj Desai · 15 Jul 2026
- Directors & Officers (D&O) Insurance for AIF Managers — Why It Matters and What It Covers
D&O insurance is a critical risk-management tool for AIF Managers, protecting directors, officers, and key personnel against regulatory investigations, investor claims, and fiduciary liability. Learn what a policy should cover, common gaps, and how fund managers should structure adequate protection.
CA Anuj Desai · 15 Jul 2026
- Whistleblower Policy Design for AIF Managers — Building an Effective Speak-Up Framework
A practical guide for AIF Managers on designing an effective whistleblower policy, including reporting channels, investigation procedures, anti-retaliation safeguards, board oversight, and governance best practices to strengthen SEBI compliance and investor confidence.
CA Anuj Desai · 15 Jul 2026
- Digital Personal Data Protection Act, 2023 (DPDPA) Compliance for AIF Investor Data
Learn how the Digital Personal Data Protection Act, 2023 (DPDPA) impacts AIF Managers handling investor KYC and financial information. This guide explains consent requirements, data retention, cross-border transfers, vendor management, and practical compliance steps alongside SEBI and PMLA obligations.
CA Anuj Desai · 15 Jul 2026
- AI/ML Tool Usage Disclosure for AIF Managers — Governance, Liability & SEBI Compliance
Understand how SEBI's evolving AI and machine learning framework applies to AIF Managers. This guide explains Regulation 16C, AI governance, vendor liability, investor data protection, AI tool oversight, and practical compliance measures for fund managers adopting AI-powered investment and operational workflows
CA Anuj Desai · 15 Jul 2026
- Related Party Transaction Documentation Templates for AIF Managers — A Practical Compliance Toolkit
A practical guide for AIF Managers on documenting related party transactions, including transaction rationale, arm's-length pricing, Investment Committee minutes, conflict disclosures, investor consent records, and audit-ready documentation to strengthen SEBI compliance and governance
CA Anuj Desai · 15 Jul 2026
- Budget 2026 Impact on AIFs: Retrospective Analysis of Tax Changes, Industry Expectations and Compliance Implications
Budget 2026 brought renewed focus on AIF taxation, Category III fund parity, private credit structures and investor reporting. This analysis separates Budget 2026 proposals from Budget 2025 measures becoming effective and highlights key compliance actions for fund managers.
CA Anuj Desai · 15 Jul 2026
- RBI Revised Framework for Regulated Entity Investment in AIFs: New Exposure Caps, Fundraising Impact and Compliance Requirements
RBI's revised framework governing investments by banks and NBFCs into Alternative Investment Funds introduces new concentration limits and changes the fundraising landscape for AIF Managers. This article explains the 10% individual and 20% aggregate exposure caps, evergreening concerns, equity carve-outs, and implications for LP onboarding and fund structuring
CA Anuj Desai · 15 Jul 2026
- Evergreen AIF Structures in India: Regulatory Feasibility, SEBI Framework and Structuring Options
Explore whether evergreen and perpetual AIF structures are feasible in India under SEBI AIF Regulations. Understand Category III open-ended funds, continuation funds, dissolution periods and capital recycling options.
CA Anuj Desai · 15 Jul 2026
- Interval Funds and Semi-Liquid AIF Structures in India: Regulatory Framework, Liquidity Features and Structuring Considerations
Interval and semi-liquid AIF structures aim to bridge the gap between traditional closed-ended private funds and open-ended investment products. This article explains how Category III AIFs can implement periodic liquidity mechanisms, redemption windows, NAV valuation requirements, gating provisions and investor protection considerations under India's regulatory framework.
CA Anuj Desai · 15 Jul 2026
- Retail Access to AIFs in India: SEBI Small Ticket Size Reforms, Angel Funds and Social Impact Funds Explained
SEBI has historically positioned AIFs as products for sophisticated investors with high minimum investment thresholds. This article examines the current status of retail access to AIFs, including Angel Funds, Social Impact Funds, proposed small-ticket reforms, GARUDA launch reforms and what fund managers should know before positioning products for smaller investors.
CA Anuj Desai · 15 Jul 2026
- AIF Unit Secondaries Market in India: Regulatory Framework, LP Liquidity Challenges and Future Growth
India's AIF secondaries market is gradually evolving as investors seek liquidity before traditional fund exits. This article examines AIF unit transfers, LP-to-LP secondary transactions, GP-led secondaries, continuation funds, regulatory challenges, valuation issues and how fund managers can build liquidity flexibility into fund documentation
CA Anuj Desai · 15 Jul 2026
- AIF vs Mutual Fund vs Stock Broker vs Investment Adviser: Comparing SEBI Regulatory Philosophies
AIFs, Mutual Funds, Stock Brokers and Investment Advisers are all regulated by SEBI but operate under fundamentally different regulatory philosophies. This article compares how SEBI approaches investor protection, intermediary responsibility, disclosure requirements, custody risks and governance obligations across these four financial market categories.
CA Anuj Desai · 15 Jul 2026
- TVPI vs DPI vs RVPI vs IRR: Complete Guide to AIF Performance Metrics and Fund Evaluation
TVPI, DPI, RVPI and IRR are the four core metrics used to evaluate private fund performance. This article explains how AIF investors and fund managers should interpret realised returns, unrealised valuations, total value creation and return timing to accurately assess fund performance.
CA Anuj Desai · 15 Jul 2026
- J-Curve Effect in AIF Investing: Understanding Early Fund Losses, Returns and Investor Expectations
The J-curve effect explains why private funds often show negative returns during their early years despite having strong underlying investments. This article explains how AIF investors and fund managers should interpret early fund performance, management fees, valuation practices, DPI, TVPI, IRR and long-term value creation
CA Anuj Desai · 15 Jul 2026
- Vintage Year Diversification in AIF Investing: Why It Matters for Private Market Portfolio Construction
Vintage year diversification is a critical but often overlooked factor in AIF and private market investing. This article explains how investment timing, valuation cycles, fund deployment periods and multi-vintage commitments influence long-term portfolio outcomes for investors
CA Anuj Desai · 15 Jul 2026
- GP Commitment vs LP Commitment in AIFs: Understanding Fund Alignment, Sponsor Contribution and Investor Protection
GP commitment and LP commitment represent two different sources of capital within an AIF structure. This article explains the difference between Sponsor/Manager contribution and investor commitments, SEBI's alignment requirements, carried interest distinction, fund economics and what investors should evaluate during AIF due diligence
CA Anuj Desai · 15 Jul 2026
- What Is Dry Powder in AIF Investing? Meaning, Importance and Impact on Private Fund Performance
Dry powder represents committed but uninvested capital available to an AIF for future opportunities. This article explains what dry powder means, why investors monitor it, how deployment pace impacts fund performance, and what LPs should evaluate during AIF due diligence.
CA Anuj Desai · 15 Jul 2026
- How Many AIFs Should an HNI Hold? AIF Portfolio Construction Strategy for Private Market Diversification
Determining how many AIFs an HNI should hold requires more than selecting multiple funds. This article explains AIF portfolio construction, diversification across managers, strategies and vintage years, minimum investment constraints and how HNIs can build a long-term private market allocation.
CA Anuj Desai · 15 Jul 2026
- Zombie Funds in AIF Investing: Meaning, Warning Signs and How Investors Can Identify Them
Zombie funds are ageing investment funds that remain legally active but fail to generate meaningful exits, distributions or portfolio value creation. This article explains how AIF investors can identify zombie fund risks, evaluate manager incentives, understand fund extensions and protect long-term private market investments.
CA Anuj Desai · 15 Jul 2026
- Key Man Insurance in AIF Fund Management: Importance, LP Expectations and Succession Planning
Key man insurance protects AIF investors against the risk of losing critical investment professionals whose expertise drives the fund's strategy and performance. This article explains why LPs evaluate key person risk, how key man policies work, their relationship with PPM key person clauses and their role in fund succession planning.
CA Anuj Desai · 15 Jul 2026
- Liquidity Planning for HNIs Investing in AIFs: Managing Capital Calls, Commitments and Illiquid Investments
AIF investments require careful liquidity planning because capital commitments are drawn through future capital calls while distributions remain uncertain. This article explains how HNIs should plan for AIF commitments, cash-flow requirements, illiquidity periods, capital calls and long-term portfolio sustainability.
CA Anuj Desai · 15 Jul 2026
- How to Select an AIF Custodian — Practical Evaluation Checklist for Fund Managers
A practical guide for AIF Managers to evaluate and select the right custodian covering SEBI requirements, operational capability, technology integration, reporting, fees, and long-term fund operations.
CA Anuj Desai · 15 Jul 2026
- How to Select a Fund Administrator for an AIF — RFP Questions & Evaluation Checklist
A practical AIF fund administrator selection guide covering NAV computation, investor reporting, regulatory support, technology capability, fee evaluation, RFP questions, and operational due diligence for fund managers
CA Anuj Desai · 15 Jul 2026
- Fund Accounting Software for AIFs — Evaluation Checklist, Features & Selection Framework
A practical guide for AIF Managers evaluating fund accounting software covering NAV computation, investor accounting, waterfall modelling, portfolio valuation, regulatory reporting, integrations, security, and scalability.
CA Anuj Desai · 15 Jul 2026
- Building an Internal SOP Manual for a First-Time AIF Manager — Complete Governance Framework
A complete guide for first-time AIF Managers to build an internal SOP manual covering investment processes, compliance controls, investor reporting, operational workflows, governance practices, and SEBI inspection readiness.
CA Anuj Desai · 15 Jul 2026
- Data Room Preparation for AIF Fundraising — Complete LP Due Diligence Checklist
A practical AIF fundraising data room checklist covering regulatory documents, legal agreements, governance framework, compliance records, financial information, track record verification, and institutional LP due diligence requirements
CA Anuj Desai · 15 Jul 2026
- Placement Agent Agreements for AIF Fundraising: Structuring, Fees & SEBI Compliance Considerations
A placement agent can significantly accelerate an AIF fundraising process, but the relationship requires careful structuring. This guide explains placement agent agreements for AIF managers, including regulatory considerations, fee structures, exclusivity arrangements, investor solicitation responsibilities, confidentiality obligations, tail provisions and key legal safeguards under India's evolving SEBI framework
CA Anuj Desai · 15 Jul 2026
- AIF MASTER COMPLIANCE DOCKET 2026
Alternative Investment Funds (AIFs)-What an AIF Can and Cannot Do- Do's & Don'ts • Category & Sub-Category Wise Rules • Implications • Regulation & Circular References Covering Category I (Venture Capital, SME, Social Impact, Infrastructure, Angel & Special Situation Funds), Category II, Category III (including Large Value Funds), and the Accredited Investor Framework
CA Anuj Desai · 13 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on NISM Certification & Key Personnel Requirements (Part 38)
Part 38 of our Advanced AIF FAQ Series covers the NISM certification and key personnel eligibility requirements SEBI expects from AIF managers and their investment teams.
CA Anuj Desai · 11 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on FATCA & CRS Reporting Obligations for AIFs (Part 39)
Part 39 of our Advanced AIF FAQ Series covers FATCA and CRS reporting obligations for AIFs with foreign investors — a distinct compliance layer from FEMA and income tax reporting already discussed elsewhere in this series.
CA Anuj Desai · 11 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Marketing, Solicitation & Private Placement Restrictions (Part 40)
Part 40 of our Advanced AIF FAQ Series covers what an AIF manager can and cannot do when marketing a fund — private placement restrictions, permitted disclosures, and solicitation boundaries under SEBI's framework.
CA Anuj Desai · 11 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Nomination, Succession & Transmission of AIF Units (Part 41)
Part 41 of our Advanced AIF FAQ Series covers what happens to an investor's AIF holding on death or incapacity — nomination facilities, transmission procedures, and how this differs from the secondary transfer mechanics covered in Part 19.
CA Anuj Desai · 11 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on AIFs as Financial Creditors Under the Insolvency & Bankruptcy Code (Part 42)
Part 42 of our Advanced AIF FAQ Series examines how AIFs holding debt or structured credit positions function as financial creditors under the Insolvency and Bankruptcy Code, 2016, when a portfolio company defaults.
CA Anuj Desai · 11 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Government Co-Investment Schemes — SIDBI Fund of Funds & State-Level Anchor Investors (Part 43)
Part 43 of our Advanced AIF FAQ Series covers how government-backed schemes like SIDBI's Fund of Funds for Startups, and various state-level venture capital initiatives, function as anchor investors in Category I AIFs.
CA Anuj Desai · 11 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Family Office AIFs — Structuring Single and Multi-Family Investment Vehicles (Part 44)
Part 44 of our Advanced AIF FAQ Series covers how family offices use the AIF structure to pool and manage investments — single-family versus multi-family office considerations, and when an AIF wrapper makes sense versus alternatives.
CA Anuj Desai · 11 Jul 2026
- PPM Audit Explained: Why Your Fund's Private Placement Memorandum Needs Regular Review
What a PPM audit covers, why SEBI expects periodic PPM reviews, and how to catch clause-level gaps before they become investor disputes.
CA Anuj Desai · 11 Jul 2026
- AIF vs PMS vs Mutual Funds: Key Differences Explained
A side-by-side comparison of Alternative Investment Funds, Portfolio Management Services, and Mutual Funds — regulation, minimum investment, structure, and who each is meant for.
CA Anuj Desai · 11 Jul 2026
- Category I vs Category II vs Category III AIF: Complete Comparison
A clause-by-clause comparison of SEBI's three AIF categories — permitted investments, leverage rules, taxation, and typical fund types under each.
CA Anuj Desai · 11 Jul 2026
- How to Register an AIF in India: Step-by-Step Process (2026)
The complete step-by-step process for registering an Alternative Investment Fund with SEBI — entity setup, PPM drafting, application, and post-registration compliance.
CA Anuj Desai · 11 Jul 2026
- AIF Compliance Calendar 2026: Every Deadline Fund Managers Must Track
The complete AIF compliance calendar for 2026 — SEBI reporting deadlines, audit timelines, and tax filing dates every fund manager needs on their radar.
CA Anuj Desai · 11 Jul 2026
- Form 64 Explained: How AIFs Report Pass-Through Income to Investors
What the Form 64 series of statements are, why AIFs must issue them, and what investors and fund managers need to check before filing.
CA Anuj Desai · 11 Jul 2026
- Valuation of Unlisted Securities in AIFs: Methods and SEBI Requirements
How AIFs are required to value unlisted portfolio holdings — methodology, independence requirements, and why valuation discipline matters for NAV accuracy.
CA Anuj Desai · 11 Jul 2026
- Fund Accounting for AIFs: A Practical Overview
What fund accounting for an Alternative Investment Fund actually involves — from capital call tracking to NAV computation and investor reporting.
CA Anuj Desai · 11 Jul 2026
- Drawdowns and Capital Calls Explained: How AIFs Draw Investor Commitments
How the drawdown/capital call process works in a closed-ended AIF — from commitment to notice to funding — and what investors and managers each need to track.
CA Anuj Desai · 11 Jul 2026
- Distribution Waterfall Explained: How AIF Profits Flow Back to Investors
A tier-by-tier explanation of how a typical AIF distribution waterfall works — return of capital, preferred return, GP catch-up, and carry split.
CA Anuj Desai · 11 Jul 2026
- Carried Interest Explained: How AIF Managers Earn Performance Fees
What carried interest is, how it's typically structured in Indian AIFs, and how it's taxed — explained for both fund managers and investors.
CA Anuj Desai · 11 Jul 2026
- Management Fee Calculation for AIFs: Methods and Common Structures
How management fees are calculated in Indian AIFs — the different bases used, typical fee ranges, and what changes over a fund's life.
CA Anuj Desai · 11 Jul 2026
- AIF NAV Computation: How Net Asset Value Is Calculated
How Net Asset Value is computed for an AIF, why it matters for unit allotment and fees, and what makes NAV computation harder for funds holding unlisted assets.
CA Anuj Desai · 11 Jul 2026
- AIF Trustee Responsibilities: What Trustees Are Legally Accountable For
For AIFs structured as trusts, what the trustee is legally responsible for, how trustee duties differ from the investment manager's role, and why this governance layer matters.
CA Anuj Desai · 11 Jul 2026
- Due Diligence for AIF Managers: What Investors Should Check Before Committing Capital
A practical due diligence framework for investors evaluating an AIF manager before committing capital — track record, structure, fees, and operational discipline.
CA Anuj Desai · 11 Jul 2026
- GIFT City AIF vs Domestic AIF: Which Structure Is Right for Your Fund?
Comparing AIFs registered in India's IFSC (GIFT City) against domestic SEBI-registered AIFs — regulator, tax treatment, investor base, and when each makes sense.
CA Anuj Desai · 11 Jul 2026
- AIF Winding-Up Process: How a Fund Closes and Distributes Final Proceeds
What happens when an AIF reaches the end of its tenure — the winding-up process, final distributions, and SEBI deregistration requirements.
CA Anuj Desai · 11 Jul 2026
- Common SEBI AIF Compliance Mistakes — And How to Avoid Them
The recurring compliance mistakes that get AIF managers into trouble with SEBI — from missed reporting deadlines to PPM drift — and how to build in safeguards.
CA Anuj Desai · 11 Jul 2026
- NISM Certification for AIF Fund Managers: Complete Requirements Guide
Everything AIF sponsors and fund managers need to know about NISM certification requirements for key investment and compliance personnel — who needs it, how to get it, and what happens if you don't.
CA Anuj Desai · 11 Jul 2026
- FATCA and CRS Compliance for AIFs: A Practical Guide for Fund Managers
How FATCA and CRS reporting obligations apply to Indian AIFs with foreign investors — classification, investor due diligence, reporting mechanics, and the penalties for getting it wrong.
CA Anuj Desai · 11 Jul 2026
- AIF Marketing Compliance: What You Can (and Can't) Say When Promoting a Fund
A practical guide to AIF marketing compliance — what the private placement framework permits, common mistakes managers make on websites and social media, and how to stay compliant while still building visibility.
CA Anuj Desai · 11 Jul 2026
- What Happens to Your AIF Units When You Die: Nomination and Transmission Explained
A clear guide for AIF investors and fund managers on nomination facilities and the transmission process — what happens to a fund holding when the investor dies, and why registering a nominee matters more than most investors realise.
CA Anuj Desai · 11 Jul 2026
- When a Portfolio Company Defaults: How AIFs Function as Financial Creditors Under IBC
What happens when a debt-oriented AIF's portfolio company defaults — creditor rights under the Insolvency and Bankruptcy Code, Committee of Creditors participation, and how this differs from an equity investment gone wrong.
CA Anuj Desai · 11 Jul 2026
- SIDBI Fund of Funds for Startups: How Government Anchor Investment Works for Category I AIFs
How SIDBI's Fund of Funds for Startups and state-level venture capital schemes work as anchor investors in Category I AIFs — eligibility, conditions, and what fund managers should know before applying.
CA Anuj Desai · 11 Jul 2026
- Family Office AIFs: Structuring Single and Multi-Family Investment Vehicles in India
How family offices use the AIF framework to structure their investment activity — single-family versus multi-family considerations, governance nuances, and when an AIF wrapper is the right choice versus alternatives.
CA Anuj Desai · 11 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Annual Activity Report (AAR) & Limited Quarterly Activity Report (LQAR) – Part 9
Part 9 of our Advanced AIF FAQ Series provides a technical analysis of the Annual Activity Report (AAR) and Limited Quarterly Activity Report (LQAR), covering filing mechanics, reporting philosophy, governance expectations and practical compliance issues under the revised SEBI reporting framework.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Due Diligence Framework, Investor Classification & Beneficial Ownership (Part 10)
Part 10 explores the enhanced due diligence framework applicable to Alternative Investment Funds, covering investor onboarding, beneficial ownership verification, risk categorisation, land-border country investors and institutional compliance practices.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Borrowing, Leverage, Encumbrance & Liquidity Management (Part 11)
Part 11 of our Advanced AIF FAQ Series examines borrowing, leverage, encumbrance creation, bridge financing, liquidity management and related governance considerations under the SEBI Alternative Investment Fund framework.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on NAV Computation, Valuation Governance & Fair Value Measurement (Part 12)
Part 12 explains the institutional approach towards NAV computation, valuation governance, fair value measurement, valuation policies, independent valuation, pricing methodologies and internal controls applicable to Alternative Investment Funds.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Sponsor Commitment, GP Alignment, Distribution Waterfalls & Economic Governance (Part 13)
Part 13 explains the institutional governance surrounding Sponsor Commitment, GP economics, carried interest alignment, distribution waterfalls, hurdle rates, clawback mechanisms and investor protection in Alternative Investment Funds.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Capital Calls, Drawdowns, Investor Defaults & Subsequent Closings (Part 14)
Part 14 explains the practical and legal aspects of capital calls, drawdowns, commitment management, investor defaults, equalisation mechanisms and subsequent closings under Alternative Investment Funds.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on FEMA, FDI, ODI & Cross-Border Investments (Part 15)
Part 15 of our Advanced AIF FAQ Series discusses FEMA implications for Alternative Investment Funds, including foreign investments, downstream investments, overseas investments, RBI compliance, capital flows and cross-border regulatory governance.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Taxation, Pass-Through Status, TDS & Investor Tax Statements (Part 16)
Part 16 of our Advanced AIF FAQ Series answers technical questions on pass-through taxation, fund-level tax for Category III AIFs, TDS obligations, carried interest characterisation, and investor tax statement mechanics.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Winding-Up, Tenure Extension & Fund Dissolution (Part 17)
Part 17 of our Advanced AIF FAQ Series covers the technical and procedural aspects of AIF tenure extension, early termination, winding-up mechanics, and SEBI deregistration.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on GIFT City / IFSC AIFs, Structuring & Migration (Part 18)
Part 18 of our Advanced AIF FAQ Series compares domestic SEBI-registered AIFs with GIFT City / IFSC AIFs, covering regulatory framework, tax treatment, currency, and migration considerations.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Secondary Transfers, Change in Control & Unit Transfer Restrictions (Part 19)
Part 19 of our Advanced AIF FAQ Series addresses how investors transfer AIF units on the secondary market, manager/sponsor change-in-control implications, and the contractual restrictions typically governing these transactions.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Category-Specific Nuances — Angel Funds, VCF, SME & Infrastructure Sub-Categories (Part 20)
Part 20 of our Advanced AIF FAQ Series goes inside Category I's sub-categories — Angel Funds, Venture Capital Funds, SME Funds, Social Venture Funds, and Infrastructure Funds — and the distinct conditions attached to each.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Related Party Transactions & Manager Conflict of Interest Governance (Part 21)
Part 21 of our Advanced AIF FAQ Series addresses how AIFs identify, disclose, and govern related party transactions and structural conflicts of interest between the manager, sponsor, and fund.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Custodian, Trustee & Third-Party Service Provider Oversight (Part 22)
Part 22 of our Advanced AIF FAQ Series examines the roles and oversight responsibilities of custodians, trustees, fund administrators, and other third-party service providers in the AIF ecosystem.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Fee Structuring, GST & Cost Allocation Across Fund Life Stages (Part 23)
Part 23 of our Advanced AIF FAQ Series looks at how management fees, fund expenses, and GST obligations are structured and allocated across an AIF's investment and harvesting periods.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Category II AIFs — Private Equity, Debt Funds, Real Estate Funds & Fund of Funds (Part 24)
Part 24 of our Advanced AIF FAQ Series goes inside Category II — the largest AIF category by registered fund count — covering private equity, debt funds, real estate funds, and fund-of-funds structures.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Category III AIFs — Leverage Limits, Derivatives & Hedge Fund Strategies (Part 25)
Part 25 of our Advanced AIF FAQ Series examines Category III AIFs in depth — leverage ceilings, derivatives usage, the PRO/non-PRO distinction, and how hedge-fund-style strategies operate within SEBI's regulatory framework.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Investment Committee Composition, Delegation & Decision-Making Governance (Part 26)
Part 26 of our Advanced AIF FAQ Series examines how AIF investment committees are structured, how investment authority is delegated, and the governance safeguards SEBI and sophisticated investors expect around fund decision-making.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Cybersecurity, Data Privacy & Business Continuity for AIF Managers (Part 27)
Part 27 of our Advanced AIF FAQ Series covers cybersecurity, data privacy, and business continuity expectations for AIF managers — an increasingly scrutinised operational risk area as fund administration digitises.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Insider Trading, SAST & Market Conduct for AIFs Investing in Listed Companies (Part 28)
Part 28 of our Advanced AIF FAQ Series covers how insider trading regulations and the SEBI takeover code (SAST) apply to AIFs — particularly Category III funds and Category II funds with listed-company exposure.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Sponsor & Manager Eligibility — Fit and Proper Criteria, Net Worth & Track Record (Part 29)
Part 29 of our Advanced AIF FAQ Series examines the eligibility bar SEBI sets for AIF sponsors and managers — fit and proper person criteria, net worth expectations, and track record requirements at registration.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Performance Benchmarking & Disclosure Norms (Part 30)
Part 30 of our Advanced AIF FAQ Series examines SEBI's benchmarking and performance disclosure framework for AIFs — how fund performance gets reported, benchmarked, and made available to prospective investors.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Co-Investment Rights vs Co-Investment Portfolios — Regulatory Distinction & Structuring (Part 31)
Part 31 of our Advanced AIF FAQ Series unpacks the regulatory distinction between co-investment rights and formal co-investment portfolios/schemes, and how each is structured differently under SEBI's AIF framework.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Angel Tax (Section 56(2)(viib)) Implications for AIF Portfolio Companies (Part 32)
Part 32 of our Advanced AIF FAQ Series examines "angel tax" — the taxation of share premium received by closely-held companies — and how AIF investments into portfolio companies interact with this provision and its exemptions.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Master-Feeder & Parallel Fund Structures (Part 33)
Part 33 of our Advanced AIF FAQ Series explains master-feeder and parallel fund structures used by AIF managers to raise capital across multiple investor pools and jurisdictions.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on AIF vs REIT vs InvIT — Comparing India's Pooled Investment Vehicles (Part 34)
Part 34 of our Advanced AIF FAQ Series compares AIFs against REITs and InvITs — India's other major SEBI-regulated pooled investment vehicles — covering structure, listing status, income distribution, and taxation.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Segregation of Investor Moneys & Bank Account Governance (Part 35)
Part 35 of our Advanced AIF FAQ Series covers how AIFs are required to segregate investor moneys, structure fund bank accounts, and prevent commingling risk between schemes and with manager/sponsor funds.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Scheme-Level vs Fund-Level Dissolution & Multi-Scheme AIF Governance (Part 36)
Part 36 of our Advanced AIF FAQ Series examines the governance of multi-scheme AIFs — how individual schemes can be closed or wound up independently of the overall fund registration, and how ring-fencing between schemes is maintained.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Investor Grievance Redressal, SCORES & Dispute Resolution (Part 37)
Part 37 of our Advanced AIF FAQ Series covers how AIF investors can raise grievances, SEBI's SCORES complaint platform, and how disputes between investors and fund managers are typically addressed.
CA Anuj Desai · 10 Jul 2026
- Alternative Investment Funds (AIFs) in India — Frequently Asked Questions
Everything founders, fund managers, and investors ask us about Alternative Investment Funds in India — structuring, SEBI registration, taxation, reporting, and recent regulatory changes.
CA Anuj Desai · 09 Jul 2026
- Complete Guide to AIF Taxation in India (2026)
How Category I, II, and III Alternative Investment Funds are taxed in India — pass-through status, fund-level tax, carried interest, and what changed under the Income-tax Act, 2025.
CA Anuj Desai · 09 Jul 2026
- AIF Audit Checklist: What Every Fund Manager Must Verify Annually
A practical, section-wise checklist for AIF managers and CFOs preparing for their fund's annual audit — from financial statements to SEBI reporting reconciliation.
CA Anuj Desai · 09 Jul 2026
- SEBI Introduces Annual and Quarterly Activity Reports for Alternative Investment Funds (AIFs): Complete Compliance Guide (2026)
SEBI has overhauled the reporting framework for Alternative Investment Funds by replacing the earlier quarterly reporting mechanism with Annual and Limited Quarterly Activity Reports. Understand what has changed, important due dates and compliance implications.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced FAQs on Registration, Governance & Fund Operations
Explore advanced frequently asked questions on Alternative Investment Funds (AIFs) in India, covering SEBI registration, fund formation, Investment Managers, governance, capital commitments, operational compliance and best practices for fund managers, sponsors and investors.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced FAQs on Fund Operations, Investor Rights & Portfolio Management (Part 2)
Part 2 of our comprehensive AIF FAQ series answers practical questions on investor onboarding, portfolio management, capital calls, governance, conflicts of interest, exits and operational compliance under the SEBI Alternative Investment Funds Regulations.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced FAQs on Valuation, Fund Accounting, Investor Reporting & Distribution (Part 3)
Part 3 of our Advanced AIF FAQ Series explains fund accounting, valuation methodologies, carried interest, distribution waterfalls, investor reporting, financial statements and accounting controls applicable to Alternative Investment Funds in India.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced FAQs on Regulatory Inspections, Risk Management, Internal Controls & Operational Excellence (Part 4)
Part 4 of our Advanced AIF FAQ Series discusses SEBI inspections, operational risk management, governance frameworks, internal controls, compliance monitoring, cyber security, record management and regulatory preparedness for Alternative Investment Funds.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced FAQs on Side Letters, Equalisation, Co-Investments & Investor Defaults (Part 5)
Part 5 of our Advanced AIF FAQ Series explains side letters, equalisation mechanics, co-investment arrangements, investor defaults, transfer restrictions and sophisticated fund documentation issues encountered in Alternative Investment Funds.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Investment Restrictions, Warehousing, Deal Allocation & Conflict Management (Part 6)
Part 6 explores sophisticated operational issues including warehousing investments, investment committee governance, allocation methodologies, related party transactions, conflict management, investment concentration and institutional fund governance.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Deal Execution, GP-LP Governance, Follow-on Investments & Portfolio Transactions (Part 7)
Part 7 explores advanced technical issues relating to portfolio company governance, follow-on investments, shareholder protections, GP-LP governance, reserved matters, dilution mechanics and investment execution within Alternative Investment Funds.
CA Anuj Desai · 09 Jul 2026
- Alternative Investment Funds (AIFs) in India: Advanced Technical FAQs on Private Placement Memorandum (PPM), Investment Documentation & Transaction Execution (Part 8)
Part 8 of our Advanced AIF FAQ Series explores sophisticated issues surrounding the Private Placement Memorandum (PPM), investment documentation, transaction execution, due diligence, conditions precedent and institutional transaction structuring.
CA Anuj Desai · 09 Jul 2026
Ready to talk to an advisor?
Book a consultation and get a clear, considered view from a team that handles audit, tax, regulatory and cross-border work under one roof.