The Securities and Exchange Board of India (SEBI) has overhauled the quarterly reporting format for Alternative Investment Funds (AIFs) to streamline compliance.
The market regulator has introduced a new reporting format for AIFs. This change aims to standardise compliance standards and make reporting easier for regulatory purposes.
SEBI said, “In order to enable the AIF industry to have uniform compliance standards, ease compliance reporting and for regulatory and developmental purposes, the existing quarterly reporting format has been reviewed and the revised format has been prepared.”
The SEBI issued a circular to protect investors and promote the securities market. The circular requires AIFs to submit quarterly reports online in a new format on the SEBI Intermediary Portal within 15 days of each quarter’s end.
Industry bodies will conduct a trial run to make filing quarterly reports easier. The deadline for submitting the June 2023 quarter report is October 14. The deadline for the September 2023 quarter report is November 15. After that, reports must be filed within 15 days of the quarter’s end. Industry associations will help AIFs with any issues related to filing reports. The reporting format will be regularly reviewed by industry bodies and the regulator.
“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 association / any AIF Standard Setting Forum in consultation with SEBI,” the circular added.
Recently, the markets watchdog reduced the time period for approval given to AIFs and venture capital funds to make foreign investments. SEBI is also paying more attention to the local startup scene and regulating partnerships between financial influencers and regulated entities. Additionally, SEBI is monitoring the investors in AIFs to identify high-risk clients and non-profit organisations.
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