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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-23052025-263336
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 380] NEW DELHI, WEDNESDAY, MAY 21, 2025/VAISAKHA 31, 1947
3357 GI/2025
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 21st May, 2025
SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS)
(AMENDMENT) REGULATIONS, 2025
F. No. SEBI/LAD-NRO/GN/2025/248.—In exercise of the powers conferred by sub-section (1) of Section
30 read with sub-section (1) of Section 11, clause (ba) and clause (c) of sub-section (2) of Section 11 and sub-section
(1) and (1B) of Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby
makes the following regulations to further amend the Securities and Exchange Board of India (Alternative Investment
Funds) Regulations, 2012, namely,
1. These Regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2025.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, –
I. In regulation 17, clause (a) shall be substituted with the following, namely, –
"(a) Category II Alternative Investment Funds shall invest in investee companies or in the units of
Category I or other Category II Alternative Investment Funds as may be disclosed in the Placement
Memorandum;
Explanation - Category II Alternative Investment Fund shall invest primarily in unlisted securities
and/or listed debt securities (including securitised debt instruments) which are rated 'A' or below by
a credit rating agency registered with the Board, directly or through investment in units of other
Alternative Investment Funds, in the manner as may be specified by the Board;"
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./113/2025-26]
Footnote:
1. The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
were published in the Gazette of India on May 21, 2012 vide No. SEBI/LAD-NRO/GN/2012-13/04/11262.
2. The Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
were subsequently amended on,
(a) 16th September, 2013 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013-14/24/6573.
(b) 23rd May, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment)
Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089.
(c) 26th September, 2014 by the Securities and Exchange Board of India (Real Estate Investment Trusts)
Regulations, 2014 vide No. LAD-NRO/GN/2014-15/11/1576.
(d) 14th August, 2015 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/011.
(e) 4th January, 2017 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2016 vide No. SEBI/LAD/NRO/GN/2016-17/026.
(f) 6th March, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2017 vide No. SEBI/LAD/NRO/GN/2016-17/037.
(g) 1st June, 2018 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2018 vide No. SEBI/LAD/NRO/GN/2018/19.
(h) 10th May, 2019 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2019 vide No. SEBI/LAD/NRO/GN/2019/16.
(i) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment)
Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
(j) 19th October, 2020 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2020 vide No. SEBI/LAD/NRO/GN/2020/37.
(k) 8th January, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/01.
(1) 5th May, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds) (Second
Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/21.
(m) 3rd August, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-
NRO/GN/2021/30.
(n) 3rd August, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Third Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/33.
(o) 13th August, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Fourth Amendment) Regulations, 2021 vide No. SEBI.LAD-NRO/GN/2021/41.
(p) 9th November, 2021 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Fifth Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/57.
(q) 24th January, 2022 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/68.
(r) 16th March, 2022 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/75.
(s) 25th July, 2022 by the Securities and Exchange Board of India (Alternative Investment Funds)
(Third Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/89.
(t) 15th November 2022, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Fourth Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/105.
(u) 9th January 2023, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/113.
(v) 18th January 2023, by the Securities and Exchange Board of India (Change in Control in
Intermediaries) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/115.
(w) 7th February 2023, by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/121.
(x) 15th June 2023, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Second Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/132.
(y) 3rd July 2023, by the Securities and Exchange Board of India (Alternative Dispute Resolution
Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/137.
(z) 17th August 2023, by the Securities and Exchange Board of India (Facilitation of Grievance Redressal
Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/146.
(aa) 5th January 2024, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/163.
(bb) 25th April 2024, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Second Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/168.
(cc) 18th July, 2024, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Third Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/194.
(dd) 6th August, 2024, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Fourth Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/198.
(ee) 18th November, 2024, by the Securities and Exchange Board of India (Alternative Investment Funds)
(Fifth Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/209.
(ff) 10th February, 2025, by the Securities and Exchange Board of India (Investor Charter) (Amendment)
Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/228.
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