SEBI introduced a formal framework for accredited investors through amendments to the AIF Regulations on August 3, 2021, the operational contours of which continue to evolve through subsequent regulatory guidance and market practice. This note aims to provide a comprehensive overview of the eligibility criteria, procedure for accreditation, and regulatory relaxations available to accredited investors.
The Reserve Bank of India (“RBI”) has made significant changes to the external commercial borrowings (“ECB”) regulations through the issuance of the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 (“Amended Regulations”) on February 16, 2026, which amend the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (“PrincipalRegulation”).
The Amended Regulations have made substantial changes to the eligible borrowers, recognized lenders, applicable end uses, minimum average maturity requirements and pricing norms as well as to other key issues. Collectively, these changes liberalize the entire ECB framework, making it more business– friendly for Indian entities and providing an opportunity to a wider pool of overseas creditors to approach Indian borrowers in a regulated manner. This note analyzes the key changes under the Amended Regulations.
The Reserve Bank of India has introduced amendment directions to the Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025 and the Reserve Bank of India (Commercial Banks – Concentration Risk Management) Directions, 2025 (“Amendment Directions”), to permit banks to extend credit facilities for equity acquisitions in India. This note examines the regulatory framework under the Amendment Directions and explores the key parameters governing acquisition financing by Indian banks.
The regulatory compliance calendar sets out key regulatory compliance requirements (both periodical and event-based) for Category III AIFs under SEBI regulations and other important applicable laws in India.
The regulatory compliance calendar sets out key regulatory compliance requirements (both periodical and event-based) for Category II AIFs under SEBI regulations and other important applicable laws in India.
The regulatory compliance calendar sets out key regulatory compliance requirements (both periodical and event-based) for Category I AIFs under SEBI regulations and other important applicable laws in India.
The Securities and Exchange Board of India (“SEBI”) has issued a circular introducing a framework for the transfer of Portfolio Management Service (“PMS”) businesses between registered Portfolio Managers. The framework, effective immediately, requires prior SEBI approval for all transfers, whether within the same group or to an unrelated entity. It sets out clear procedures, timelines, and responsibilities for both transferor and transferee, including requirements for joint applications, client consent, undertakings, and surrender of registration where applicable. The framework provides regulatory clarity and operational flexibility for business reorganizations, group consolidations, and exits in the PMS sector while maintaining investor protection.
The Securities and Exchange Board of India has introduced a new Co-Investment Vehicle Scheme (“CIV Scheme”) under the AIF Regulations, effective September 9, 2025, allowing Category I and II AIFs to offer co-investment opportunities directly to accredited investors. The CIV Scheme serves as an in-house alternative to the Co-investment PMS route, with clear rules on eligibility, investment limits, governance, and exits. Exemptions from certain AIF requirements provide operational flexibility, while safeguards such as ring-fencing of assets, pro-rata rights, and strict compliance standards ensure investor protection.
In the past few years, the Reserve Bank of India (“RBI”) has issued directions to regulate investments by banks, non-banking financial companies and other regulated entities (collectively, “REs”) in alternative investment funds (“AIFs”). These regulatory measures have been primarily intended to curb evergreening of loans by REs, where REs substitute their direct exposure to debtor companies with indirect exposure by investing in AIFs that, in turn, have investments in such debtor companies.
Recently, on July 29, 2025, the RBI introduced the Reserve Bank of India (Investment in AIF) Directions, 2025 (“New Directions”), which increase regulatory oversight over REs’ investments in AIFs while also relaxing some of the prohibitions of the prior regime. The New Directions will supersede the RBI’s prior circulars on this subject, in relation to new investment commitments made by REs in AIFs. This note analyzes the New Directions, the improvements from the prior regulatory framework and the concerns that remain to be addressed.
SEBI has proposed reforms to simplify the conversion of private listed InvITs into public ones by removing sponsor lock-ins and minimum contribution requirements, easing post-conversion liquidity norms, and aligning disclosure standards with follow-on offers. The changes aim to reduce compliance, attract investors, and foster InvIT market growth.