Sebi extends deadline for applicability of modified reporting requirements for AIFs

Sebi on Thursday extended the deadline for the applicability of the tweaked reporting requirements for alternative investment funds (AIFs) till September 30 next year.

New Delhi: Markets regulator Sebi on Thursday extended the deadline till September 30 next year for the applicability of the tweaked reporting requirements for alternative investment funds (AIFs).

Earlier, the deadline was December 31, 2021.

This comes after the regulator received requests from the AIF industry to extend the timeline for applicability of the modified reporting requirements, the Securities and Exchange Board of India (Sebi) said in a circular.

After consideration, it has been decided that reporting requirements will be applicable for quarter ending September 30, 2022 onwards, it added.

In April, Sebi rationalised the reporting requirements for AIFs in order to provide ease of compliance for such entities.

Under this, AIFs will have to submit report on their activities on a quarterly basis. The report has to be submitted within 10 days from the end of a quarter

Further, Category-III AIFs have to submit a report on leverage undertaken, on a quarterly basis, in revised formats.

Category-III AIFs are those trading with a view to making short-term returns and include hedge funds. Earlier, Category-I and II as well as Category-III AIFs, which do not employ leverage, were required to comply with reporting norms on a quarterly basis,

Category-III AIFs, which undertake leverage, were required to submit a report to Sebi on a monthly basis. To provide ease of compliance, it was decided to review and rationalise the existing regulatory reporting requirements.

AIFs are funds established or incorporated in India for the purpose of pooling in capital from Indian and foreign investors.

PTI