SEBI/HO/AFD/PoD1/P/CIR/2023/130 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/AFD/PoD1/P/CIR/2023/130 To, All Alternative Investment Funds All Custodians All Depositories All Registrar to an Issue and Share Transfer Agents Sir/Madam, Sub: Master Circular for Alternative Investment Funds (AIFs) With an objective to ensure an effective regulatory framework for AIFs, Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. The provisions of the aforesaid circulars issued by SEBI up to March 31, 2023, which are operational as on date , have been incorporated in this Master Circular for AIFs. Circulars providing temporary relaxations with regard to certain compliance requirements for AIFs have not been included in the Master Circular. In addition to the requirements specified under this Master Circular, the AIFs shall be required to independently comply with the other requirements specified by SEBI for market intermediaries such as the 'Levy of Goods & Services Tax (GST) on the fees payable to SEBI', 'Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market', 'Digital mode of payment', 'Information regarding Grievance Redressal Mechanism' and 'Guidelines on Outsourcing of Activities by Intermediaries', etc. With respect to any other directions or guidance issued by SEBI, as specifically applicable to AIFs, the same shall continue to remain in force in addition to the provisions of this Master Circular or any other law for the time being in force. This Master Circular shall come into force from the date of its issuance. The circulars mentioned in Annexure 19 of this Master Circular shall stand rescinded with the issuance of the Master Circular. Notwithstanding such rescission: anything done or any action taken or purported