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Sep 30, 2025

Amendments to SEBI (AIFs) Regulations, 2012

SEBI has, by way of the SEBI (AIFs) (Second Amendment) Regulations, 2025 dated September 8, 2025, amended the SEBI (AIF) Regulations, 2012, to allow Category I and Category II AIFs to offer co-investment facilities to AIs through a separate co-investment scheme (‘CIV Scheme’), and made changes to the Angel Funds framework, including investor eligibility, investment limits, related party and overseas investments among others.

SEBI has also specified the operational modalities for undertaking co-investment through a CIV Scheme by the manager of a Category I AIF or Category II AIF, by way of a Circular dated September 9, 2025.

Further, SEBI has outlined the operational modalities for the revised framework for Angel Funds by way of a Circular dated September 10, 2025.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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