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SEBI, AIFs, and a domestic VC market that won't sit still. India's AIF ecosystem is growing quickly. SEBI's three-category framework gives you real structural flexibility, and the domestic startup market keeps getting bigger. Topics here include SEBI AIF registration, Category I/II/III fund structures, and how Indian fund administration works in practice.
Regulatory
SEBI now requires all AIF investors to receive fair, pro-rata treatment on undrawn commitments. This changes how you draft your PPM, manage capital calls, and handle side letters.
Tax
Category I and II get pass-through taxation. Category III does not. That single difference drives investor decisions and should drive your fund structuring.
Fund structuring
India's AIF framework under SEBI has specific requirements around categories, trust structures, and merchant banker due diligence. Here is what the end-to-end launch looks like.
Fundraising
Accredited investors can commit as little as INR 25 lakhs to your AIF instead of the standard INR 1 crore minimum. That difference reshapes who you can raise from and how.
Regulatory
SEBI now requires at least one member of your investment team to hold NISM Series-XIX-C or XIX-D certification. If you are launching an AIF, this is not optional.
Fund structuring
Category I, II, or III — the AIF category you pick determines your tax treatment, investment restrictions, investor base, and regulatory burden. Get it wrong and you cannot easily switch.
Regulatory
SEBI registration takes 60-90 days if your application is complete. Most first-time managers add months by underestimating the PPM requirements and merchant banker coordination.
SEBI registeredGrowing domestic marketThree-category AIF frameworkSetup: 8–12 weeks