SEBI has issued a Consultation Paper dated September 19, 2025, proposing a framework for AIFs to maintain and report updated Net Asset Value (‘NAV’) of units in the depository system with the objective of increasing transparency and operational efficiency in reporting value of AIF units. Some of key requirements of this framework include:

i.    AIFs or their Registrar and Transfer Agents (‘RTAs’) must upload the NAV for all International Securities Identification Numbers (‘ISINs’) representing the AIF units in the depository system within 15 days following valuation of the portfolio. For existing AIF schemes, the most recent NAV should be uploaded for all ISINs representing AIF units in the depository system within 45 days of the issuance of the formal Circular;

ii.   the valuation date should be the date of the valuation report if conducted by an external valuer, or the date on which the valuation is recorded in the AIF’s internal records if valuation is performed by an internal valuer;

iii.  depositories will establish the necessary infrastructure to allow AIFs or RTAs to upload NAVs and ensure their accurate reflection in the depository system. They must amend relevant bye-laws, rules, and regulations to implement these provisions, notify their members and participants of these requirements, and publish them on their websites; and

iv.   confirmation of compliance with these obligations will need to be reported as part of the ‘Compliance Test Report’.