SEBI seeks public comments on the Consultation Paper on Review of the Accredited Investor Framework

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PR No.45/2026

SEBI seeks public comments on the Consultation Paper on Review of the

Accredited Investor Framework

Today, SEBI has issued a consultation paper for a comprehensive review of the

existing AI framework based on the suggestions received from various stakeholders

and the recommendations of SEBI's Alternative Investment Policy Advisory

Committee (AIPAC).

SEBI proposes to introduce securities market assets (with eligibility threshold is INR 5

crore for individuals and INR 20 crore for body corporates) as an additional eligibility

criterion for accreditation, alongside the existing income and net-worth based criteria.

This one proposal itself, has the potential to expand the pool of eligible Accredited

Investors to around 4 lakh, compared to the existing AIF investor base of around 1

lakh.

Other proposals include simplifying the onboarding process through manager led

accreditation (which will be valid at a group level), in addition to the existing

Accreditation Agency route; Streamlining the validity of accreditation as 3 years on the

basis of latest documents;

SEBI also proposes to bring global inclusivity by expanding the scope of deemed

Accredited Investors to cover all Persons Resident Outside India (PROI), as defined

under the Foreign Exchange Management Act, 1999. This will enable all NRIs, OCIs

and all other persons resident outside India to invest in AIFs more seamlessly without

minimum threshold.

Since its introduction, accreditation has assumed increasing significance within the

AIF ecosystem, with its benefits now extending across AIFs, Specialised Investment

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Funds (SIFs) of Mutual Funds, Portfolio Management Services (PMS) and Angel

Funds.

The Consultation Paper is placed on the SEBI website at the following link:

https://www.sebi.gov.in/reports-and-statistics/reports/aug-2026/consultation-paper-