Home / SEBI & Capital Markets / AIF Registration with SEBI

Last updated: 2 October 2026
Setting up a venture, private equity, credit or hedge fund in India requires registration as an Alternative Investment Fund with SEBI. Expertvuw’s team helps sponsors and managers choose the right category and structure, prepare the application and PPM documentation, and set up post-registration compliance.
Alternative Investment Funds are privately pooled investment vehicles regulated under the SEBI (Alternative Investment Funds) Regulations, 2012. They are registered in three categories: Category I (venture capital, SME, social impact and infrastructure funds, including angel funds), Category II (private equity, debt and funds of funds) and Category III (funds using complex or trading strategies, including leverage).
An AIF can be set up as a trust, LLP or company. Each scheme generally needs a minimum corpus of ₹20 crore, and each investor a minimum commitment of ₹1 crore, with carve-outs for employees and directors of the manager. Schemes are launched through a private placement memorandum (PPM) filed with SEBI through a merchant banker.
SEBI has made several recent changes. Amendments in November 2025 created schemes open only to accredited investors, with some relaxations, and reduced the large value fund threshold to ₹25 crore per investor. Angel funds were restructured in 2025 so that only accredited investors can invest, with revised investment limits per startup.
Basis: SEBI (Alternative Investment Funds) Regulations, 2012, as amended including November 2025; SEBI circulars on angel funds (September 2025) and PPM templates. Last updated: 27 September 2026.
Category I, II and III, with angel funds as a sub-category of Category I.
₹20 crore per scheme.
₹1 crore per investor, with carve-outs for employees and directors of the manager.
November 2025 amendments allow schemes only for accredited investors, with some relaxations.
Threshold reduced to ₹25 crore per investor.
From 2025, only accredited investors can invest in angel funds.
Most delays come from structure and documentation gaps.
a
e
P
AIF registration connects with these services.
Portfolio management registration.
Registration for foreign portfolio investors.
Venture capital fundraising support.
Setting up a trust vehicle.
Choose category and vehicle.
Form the trust, LLP or company.
Compile application and documents.
File with SEBI and pay the fee.
Respond to SEBI observations.
Register and file the PPM for scheme launch.
AIFs have continuing SEBI obligations.
i
e
n
a
Share your query and our team will reply during business hours.
Each scheme generally needs a minimum corpus of ₹20 crore.
₹1 crore per investor, with carve-outs for employees and directors of the manager.
Schemes introduced by the November 2025 amendments that are open only to accredited investors, with certain relaxations.
Only accredited investors, following the 2025 changes to the angel fund framework.
Yes. An AIF can be set up as a trust, LLP or company.
ACS – Director, Expertvuw Management Pvt Ltd
SEBI applications and filings are prepared by Expertvuw’s team. Certificates, audits and due diligence that SEBI regulations reserve for practising professionals or registered intermediaries are provided by independent registered professionals, and representation before SEBI or SAT is made by advocates or authorised professionals.