Circular no. HO/19/34/11(8)2025-AFD-POD1/I/4335/2026; Dated: 06.02.2026
The Securities and Exchange Board of India (SEBI) has 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 respective Registrars to an Issue and Share Transfer Agents (RTAs).
This measure is aimed at improving transparency, data accuracy, and market-wide availability of AIF valuation information.
1. Timeline for Uploading NAV
The NAV data must be uploaded:
- On or before 1 May 2026, or
- Within 30 days from the valuation date of the investment portfolio,
whichever is later.
AIFs are required to ensure adherence to this timeline for each ISIN.
2. Determination of Valuation Date
For the purpose of computing the 30-day period, the valuation date shall be determined as follows:
2.1 Valuation by Independent Valuer
-
The date of the valuation report issued by the independent valuer.
2.2 Valuation by Internal Valuer
-
The date on which the valuation is documented in the internal records of the fund.
3. Responsibility of the AIF Manager
SEBI has clarified that:
- The AIF manager shall be responsible for ensuring timely and accurate uploading of the NAV data.
- Accountability for correctness and compliance rests with the manager, even though the upload is routed through RTAs.
4. Effective Date
-
The provisions of this circular come into force with immediate effect.
AIFs, managers, and RTAs are expected to align their valuation, reporting, and system processes accordingly.
5. Key Takeaway
The directive:
- Enhances transparency and consistency in AIF NAV reporting
- Strengthens data availability in the depository ecosystem
- Places clear accountability on AIF managers for compliance
Click Here To Read The Full Circular
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