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For angel funds, syndicates and family offices

SEBI's angel fund rules changed. Here's what to check before September 8.

A short, plain-language checklist covering the accreditation deadline, the new investment limits, and the AAR/QAR reporting calendar. Verified against SEBI's own circulars, not summarised secondhand.

1. Accredited investors only, from September 8, 2026

Existing angel funds have until September 8, 2026 to move to accredited-investors-only. Until then, you can keep up to 200 non-accredited investors, but you cannot take new money from them after that date. Investors who already hold units keep them, nothing forces a redemption.

  • Do you know which of your investors are SEBI-accredited today?
  • Are you under the 200 non-accredited investor cap?
  • Do you have a plan for September 8, or will new commitments from non-accredited investors still be in progress?

2. Investment limits changed

The per-company range moved from a ₹25 lakh to ₹10 crore band to ₹10 lakh to ₹25 crore, including follow-ons.

  • Does your PPM reflect the new ₹10 lakh minimum and ₹25 crore maximum?

3. Allocation methodology must be disclosed

Since October 15, 2025, managers must use a defined, disclosed method for allocating a deal among investors. Deciding case by case is no longer allowed.

  • Is your allocation method written into your PPM?
  • For your last deal, could you show exactly how you decided who got an allocation and how much?

4. Quarterly Activity Report (QAR)

The first QAR was due July 15, 2026, for the quarter ending June 30. The next is due October 15, 2026, for the quarter ending September 30. No separate QAR is needed for the March quarter, since the AAR covers it.

  • Did you file the July QAR?
  • Do you have a repeatable way to pull the numbers each quarter, or are you rebuilding it from scratch every time?

5. Annual Activity Report (AAR)

The first AAR, for FY 2025-26, was due May 31, 2026, a one-time extended deadline. From next year, it is due within 30 days of March 31. It covers investment strategy, sector allocation, valuation methodology, investor composition, leverage, and compliance status.

  • Did you file it?
  • Do you have valuation history, sector data, and investor composition on hand, or scattered across email and spreadsheets?

Quantro keeps this ready before the deadline

Fund performance, valuations, and investor records stay in one place, so this data is ready when a filing is due, not rebuilt from scratch each quarter.

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This is a general summary of public SEBI circulars as of July 2026. It is not legal or compliance advice. Confirm specifics with your compliance advisor before acting.