What changed
By circular dated 4 March 2026 (HO/19/28/(1)2026-AFD-SEC3/I/6176/2026), SEBI revised the regulatory reporting framework for Alternative Investment Funds. The stated aim is to simplify reporting and cut duplication.
AIFs now file two reports through the SEBI Intermediary (SI) Portal, in the formats SEBI prescribes: a Quarterly Activity Report and an Annual Activity Report.
The deadlines
- Quarterly Activity Report: within 15 calendar days of each quarter end. The first one in the new format was for the quarter ending June 2026.
- No separate quarterly report for the March quarter. The annual report covers it.
- Annual Activity Report: within 30 days of the end of each financial year.
- Both go through the SI Portal in the prescribed formats.
Why fifteen days feels short
Fifteen calendar days sounds fine until you count the weekends and the people. If commitments, drawdowns, investments, exits and valuations are spread across spreadsheets, emails and three different teams, most of those days go into chasing and reconciling numbers. Getting them approved takes the rest. The actual filing is the easy bit.
The funds that file calmly are the ones that capture activity properly when it happens, with the approvals attached, instead of rebuilding the quarter at the end of it.
A practical checklist
- Map every field in the format to one source and one owner. Who fills it, where it lives, who approves it.
- Record investments, drawdowns, distributions and exits in structured records on the day they happen.
- Put a maker-checker step on the report itself. One person prepares, another reviews, compliance signs off.
- Set internal cut-offs well before day 15 and day 30, with reminders when they slip.
- Reconcile with the fund accounts and with last period before anyone signs.
- Keep the filed report, the data behind it and the approval trail together. Future questions will come.
Making reporting the easy part
The lasting fix is operational rather than a better template. When deals, drawdowns and approvals run on a governed workflow, the data SEBI asks for already exists, approved and time-stamped. Reporting becomes an export and a review, not two weeks of reconstruction.
Averoic lets AIF operations teams set up these workflows (intake forms, maker-checker approvals, committee decisions, dashboards, audit trail) without code. It is in production at a SEBI-registered alternative investment manager.
This article summarises a public SEBI circular for general information. It is not legal or regulatory advice. Always check the latest SEBI circulars and formats, and speak to your compliance advisers.
Works with alternative lenders, AIFs, NBFCs and insurers in India on approvals, maker-checker controls and audit readiness.
See how your own process would run on Averoic — configured, not coded, with maker-checker controls and a tamper-evident audit trail built in.
Frequently asked questions
What is the deadline for the AIF Quarterly Activity Report?
Under SEBI’s circular dated 4 March 2026, it is filed on the SI Portal within 15 calendar days from the end of each quarter. There is no separate quarterly report for the March quarter.
What is the deadline for the AIF Annual Activity Report?
Within 30 days from the end of each financial year, on the SEBI Intermediary Portal.
Where are AIF activity reports filed?
Both reports are filed through the SEBI Intermediary (SI) Portal in the formats prescribed by SEBI.
How can an AIF make quarterly reporting faster?
Capture fund activity in structured, approved records as it happens, give each report field a single owner and source, and add a maker-checker review with internal cut-offs, so reporting becomes an export and a review rather than a data hunt.