CIRCULAR
HO/19/34/11(9)2025-AFD-POD1/I/2286/2026 January 09, 2026
To,
All Alternative Investment Funds (AIFs),
All recognized accreditation agencies
Sir/Madam,
Sub: Simplification of requirements for grant of accreditation to investors
1. Accredited investor framework was introduced by way of amendment in SEBI (AIF)
Regulations 2012 [“AIF Regulations”], notified on August 03, 2021. Further, various
modalities in this regard were specified vide SEBI circular dated August 26, 2021
[subsumed in Chapter 12 of master circular for AIFs dated May 07, 2024 (“master
circular)]. Subsequently, simplification requirements for grant of accreditation to
investors were issued vide SEBI Circular SEBI/HO/AFD/PoD1/2023/189 dated
December 18, 2023.
2. In this regard, the following has been decided:
2.1. Pending receipt of certificate from an accreditation agency, based on the
investment manager’s assessment of the investor’s eligibility criteria, the
investment manager may finalise/execute the contribution agreement, and
initiate related operational procedures, subject to the following conditions –
2.1.1. Any commitment made by such investor shall not be included in
calculation of corpus of the scheme until such investor obtains
accreditation certificate from an accreditation agency. This is to maintain
sanctity of several prudential norms for AIFs which are based on corpus.
2.1.2. Schemes of AIFs shall receive funds from such investors only after they
obtain accreditation certificate from an accreditation agency.
2.2. In reference to accreditation based on net-worth criteria, as per Annexure A
under ‘Annexure 8 of master circular: modalities of accreditation’, it has been
mandated that calculation of net worth shall be given as an Annexure to the
net worth certificate. Based on market representation, it has been decided that
the requirement of submitting detailed break-up of net worth (as Annexure to
net worth certificate) shall be done away with. Further, it is being clarified that
it is optional for the chartered accountant to specify the actual net-worth in the
net-worth certificate, while certifying whether it meets the specified threshold.
Considering the same, the modified Annexure A is placed alongside.
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3. The trustee/sponsor/manager of AIF, as the case may be, shall ensure that the
‘Compliance Test Report’ prepared by the manager in terms of Chapter 15 of
Master Circular for AIFs, includes compliance with the provisions of this circular.
4. This circular shall come into force with immediate effect.
5. This circular is issued with the approval of the competent authority.
6. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992, read with Regulations 2(1)(ab)
and 36 of AIF Regulations, to protect the interests of investors in securities and to
promote the development of, and to regulate the securities market.
7. The circular is available on SEBI website at www.sebi.gov.in under the categories
"Legal framework - Circulars" and "Info for - Alternative Investment Funds”.
Yours faithfully,
Anshul Jagdish Goyal
Deputy General Manager
Tel no.: +91-22-26449389
anshulg@sebi.gov.in
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Annexure A. - List of Documents to be submitted by applicant for accreditation
The Applicant shall furnish self-certified copies of the following documents:
Information Document to be submitted
Proof of Identity and Address
In case of Individual/ (a) Copy of PAN Card
HUF/Sole Proprietorship (b) Copy of any ‘Officially Valid Document’
In case of Body Corporates (a) Copy of PAN Card
(b) Document of Incorporation
In case of Trusts (a) Copy of PAN Card
(b) Copy of registered trust deed
Authorization to seek accreditation
In case of body Letter from authorized signatory to apply for accreditation.
corporates/trusts
Proof of financial information
In case of Individual / a) Copies of Income Tax Return(s) or ITR
HUF/Sole Proprietorship/ Acknowledgement (Only in case of
Body Corporates/Trusts individuals/HUF/Family Trust/Sole Proprietorship),
or;
b) Copies of audited Financial Statements, or;
(Number of years for which
c) Copies of Audited Financial Statements prepared by
financial information is
the statutory auditor for the current financial Year
provided shall determine the
(Only in case the entity is incorporated in the same
validity of the accreditation)
financial Year), or;
d) Net worth Certificate from practicing chartered
accountant.
The latest net-worth certificate shall not be older than
6 months.
It is optional for the chartered accountant to specify the
actual net-worth in the net-worth certificate, while
certifying whether it meets the specified threshold.
Undertaking
In case of Individual / HUF/ Declaration from Applicant that:
Sole Proprietorship/ Body
The submissions made to the Accreditation Agency are
Corporates/Trusts
true and correct and if found incorrect, the application
may be rejected.
Other Documents*
*Accreditation Agency may seek other documents to verify the genuineness of the
information/documents submitted by the applicants and in cases where the information
submitted by applicants appears to be contradicting/suspicious /fictitious.
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