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The Securities and Exchange Board of India (SEBI) had introduced SEBI (Alternative Investment Funds) Regulations, 2012, to govern pooling vehicles set up in India. Over time, SEBI has amended the regulations and issued circulars to govern the AIFs in India. In an ever-changing regulatory environment, one of the biggest challenges for managers of AIFs is to implement appropriate systems and processes to ensure that AIFs adhere to all the tax and regulatory requirements. Not to mention, regulators’ oversight and penal provisions have become more stringent.

In the light of the above, here is a checklist of key compliances applicable to a Category I/II AIF. It is worthwhile to note that the deadlines for various compliances mentioned in this document are not specific to any financial year and this document shall serve as a reference document for compliances to be undertaken at any given time

Key compliances highlighted in the report include:

  1. SEBI compliances
  2. FEMA and other regulatory compliances
  3. Direct tax compliances

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