To enhance transparency and operational efficiency, Sebi on Friday directed Alternative Investment Funds (AIFs) to upload the latest net asset value (NAV) for each ISIN of AIF units in the depository system through their Registrars and Transfer Agents (RTAs).
The NAV will have to be uploaded before May 1, 2026, or within 30 days from the valuation date of the investment portfolio, whichever is later, Sebi said in its circular.
For this purpose, the valuation date will be considered as the date of the valuation report in cases where an independent valuer is appointed, and the date on which the valuation is recorded in the fund's internal records where valuation is carried out by an internal valuer.
3 February 2026
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The AIF manager will be responsible for ensuring the timely and accurate uploading of NAV data.
The move, Sebi said, is aimed at leveraging the depository infrastructure for enhancing transparency and operational efficiency, and facilitating system readiness of AIFs.
Also, Sebi has directed depositories to create the necessary infrastructure to enable RTAs to upload NAVs and ensure their display in the depository system.
Wherever AIF NAVs are displayed, depositories must carry a disclaimer stating that the NAV is based on the valuation methodology and accounting practices followed by the respective AIF.
Under the existing framework, AIFs are permitted to raise funds from Indian, foreign and non-resident Indian investors through the issuance of units, the value of which is determined based on the valuation of the AIF's investment portfolio.
Category I and Category II AIFs are required to undertake valuation of their investments at least once every six months by an independent valuer, though this period may be extended to one year with the approval of at least 75 per cent of investors by value.
Category III AIFs is required to ensure that the calculation of NAV is carried out independently of the fund management function. The NAV must be disclosed to investors at least once every quarter for close-ended funds and at least once every month for open-ended funds.
