HO/19/34/11(9)2025-AFD-POD1/I/2286/2026

circulars · 1992 · State unknown

Parent: THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 (7c4c1f5343adab106c3a94cafc08a5ecf5957ae7)

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CIRCULAR HO/19/34/11(9)2025-AFD-POD1/I/2286/2026 To, All Alternative Investment Funds (AIFs), All recognized accreditation agencies Sir/Madam, Sub: Simplification of requirements for grant of accreditation to investors Accredited investor framework was introduced by way of amendment in SEBI (AIF) Regulations 2012 ["AIF Regulations"], notified on August 03, 2021. Further, various modalities in this regard were specified vide SEBI circular dated August 26, 2021 [subsumed in Chapter 12 of master circular for AIFs dated May 07, 2024 ("master circular)]. Subsequently, simplification requirements for grant of accreditation to investors were issued vide SEBI Circular SEBI/HO/AFD/PoD1/2023/189 dated December 18, 2023. In this regard, the following has been decided: 2.1.Pending receipt of certificate from an accreditation agency, based on the investment manager's assessment of the investor's eligibility criteria, the investment manager may finalise/execute the contribution agreement, and initiate related operational procedures, subject to the following conditions – 2.1.1. Any commitment made by such investor shall not be included in calculation of corpus of the scheme until such investor obtains accreditation certificate from an accreditation agency. This is to maintain sanctity of several prudential norms for AIFs which are based on corpus. 2.1.2. Schemes of AIFs shall receive funds from such investors only after they obtain accreditation certificate from an accreditation agency . 2.2.In reference to accreditation based on net -worth criteria, as per Annexure A under 'Annexure 8 of master circular: modalities of accreditation', it has been mandated that calculation of net worth shall be given as an Annexure to the net worth certificate. Based on market representation, it has be

Rule TOC

2 · 1.Pending receipt of certificate from an accreditation agency, based on the investment manager's assessment of the investor's eligibility criteria, the investment manager may finalise/execute the contribution agreement, and initiate related operational procedures, subject to the following conditions –

2 · 1.1. Any commitment made by such investor shall not be included in calculation of corpus of the scheme until such investor obtains accreditation certificate from an accreditation agency. This is to maintain sanctity of several prudential norms for AIFs which are based on corpus.

2 · 1.2. Schemes of AIFs shall receive funds from such investors only after they obtain accreditation certificate from an accreditation agency .

2 · 2.In reference to accreditation based on net -worth criteria, as per Annexure A under 'Annexure 8 of master circular: modalities of accreditation', it has been mandated that calculation of net worth shall be given as an Annexure to the net worth certificate. Based on market representation, it has been decided that the requirement of submitting detailed break-up of net worth (as Annexure to net worth certificate) shall be done away with. Further, it is being clarified that it is optional for the chartered accountant to specify the actual net-worth in the net -worth certificate, while certifying whether it meets the specified threshold. Considering the same, the modified Annexure A is placed alongside.