AdvertisementSEBI Introduces GARUDA Mechanism to Expedite AIF Scheme Launch and PPM FilingThe Securities and Exchange Board of India (SEBI), through Circular No. With an objective to ease and expedite the process of launch of scheme/ funds by Alternative Investment Funds (“AIFs”), Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations’), have been amended and notified on July 14, 2026 vide Gazette Notification No. Paragraph 2.4 of the SEBI Master Circular for AIFs dated June 03, 2026 (“the Master Circular”) shall be substituted with the following paragraph:2.4. In terms of Regulation 12 of the AIF Regulations, AIFs may launch scheme(s) subject to filing of PPM with SEBI through a SEBI registered Merchant Banker. Pursuant to amendment of AIF Regulations vide SEBI (AIF) (Second Amendment) Regulations, 2026, Angel Funds are exempt from filing their PPM with SEBI through Merchant Banker and incorporating comments of SEBI in their PPM.