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This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

Deep sectoral expertise across services and industries.

Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

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Our undertakings for long-term impact are an organic extension of our purpose.

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left arrow Jul 27, 2026

SEBI Issues Circular on Winding Up of AIFs and ‘Inoperative Fund’ Status

Pursuant to the consultation paper discussed in our March 2026 edition of Inter Alia (the writeup can be accessed here), SEBI on June 16, 2026, issued a Circular formalising the framework for winding up of AIFs and surrender of registrations. Notably, the Circular: (i) expands the scope of ‘demonstrable receipt’ to include show-cause notices, re-assessment notices, investigation summons, and communications from investors or counterparties (not limited to crystallised demands); (ii) mandates the Standard Setting Forum for AIFs to formulate implementation standards for operational expense heads; and (iii) prescribes additional compliance exemptions for Inoperative Funds, including from NISM certification, custodian requirements, investor disclosures under Regulation 22(a), performance benchmarking, and investment valuation requirements. The Circular also prescribes the application format for seeking Inoperative Fund status and the format for annual retention status reports. The facility extends to Venture Capital Funds.

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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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