In June 2026, the Securities and Exchange Board of India introduced the Green-Channel: AIF Rollout Upon Document Acknowledgement (“GARUDA”) framework to expedite the launch of AIF schemes. GARUDA reduces the launch timelines for AIF schemes, while shifting greater responsibility for disclosure compliance to managers. This note provides an overview of the GARUDA framework, its key features and its implications for the regulation of AIFs in India.
Recent changes to the regulatory framework for REITs and InvITs have primarily focused on enhancing the liquidity of REIT/InvIT units and ease of doing business measures. This note provides an overview of such changes during the second half of the financial year 2025-2026.
In the recent past, regulatory bodies have issued a series of circulars, notifications and amendments reshaping the structuring, operation, reporting and compliance framework for alternative investments funds in India. To help sponsors, managers, trustees and investors keep pace with these developments, our Investment Funds Practice has prepared this consolidated compilation of key regulatory updates issued from October 1, 2025 to April 30, 2026.
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.
S&R Associates is pleased to announce the opening of its office in Bengaluru:
Embassy Icon
1st Floor
2/1 Infantry Road
Bengaluru 560 001
India