SEBI revises the accredited investor framework with manager-led verification, ₹5 crore exposure criterion, and three-year validity effective November 2026.
Accredited Investor Framework Overhauled
On 5 November 2026, SEBI issued a circular revising the Accredited Investor Framework, permitting fund managers to conduct verification and setting a three-year validity period for accreditation status.
Eligibility now includes individuals or entities with a minimum exposure of ₹5 crore in specified securities. The verification process has been simplified, with reduced documentation and reliance on certified records. Intermediaries must maintain auditable records in compliance with the updated KYC norms.
The reforms are also reflected in the updated AIF Master Circular. These changes aim to accelerate fundraising for alternative investment funds while ensuring robust investor suitability checks. Legal teams should update investor onboarding protocols by December 2026.
Citations
- SEBI Circular on Accredited Investor Framework, 2026