SEBI Directs AIFs To Upload NAV Data On Depository Platforms

Securities and Exchange Board of India on Friday directed Alternative Investment Funds to upload the latest net asset value for each ISIN of AIF units in the depository system through their Registrars and Transfer Agents.
According to the circular, the NAV must be uploaded before May 1, 2026, or within 30 days from the valuation date of the investment portfolio, whichever is later.

For portfolios valued by independent valuers, the valuation date will be the date mentioned in the valuation report. In cases where valuation is carried out internally, the valuation date will be the date on which the valuation is recorded in the fund’s internal records.

Responsibility Of AIF Managers

SEBI said the AIF manager will be responsible for ensuring that NAV data is uploaded accurately and within the prescribed timelines.

The regulator stated that the move is intended to improve transparency, strengthen system readiness and enhance operational efficiency by using the depository framework for NAV disclosures.

Role Of Depositories And Disclosures

SEBI has also directed depositories to create the necessary infrastructure to allow RTAs to upload NAV data and ensure its display within the depository system.

Wherever AIF NAVs are displayed, depositories must include a disclaimer stating that the NAV is based on the valuation methodology and accounting practices followed by the respective AIF.

Existing Valuation Framework

Under the current framework, AIFs can raise funds from Indian, foreign and non-resident Indian investors through the issuance of units, with unit values determined by the valuation of the investment portfolio.

Category I and Category II AIFs are required to conduct valuations at least once every six months through an independent valuer. This period may be extended to one year with the approval of at least 75% of investors by value.

Category III AIFs must ensure that NAV calculations are carried out independently of the fund management function. NAV disclosures are required at least once every quarter for close-ended funds and at least once every month for open-ended funds.