{"id":2485,"date":"2025-09-16T02:48:45","date_gmt":"2025-09-16T02:48:45","guid":{"rendered":"https:\/\/bhatiabhola.com\/?p=2485"},"modified":"2025-09-16T02:48:46","modified_gmt":"2025-09-16T02:48:46","slug":"sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations","status":"publish","type":"post","link":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/","title":{"rendered":"SEBI Circular Dated 10\/09\/2025 &#8211; Revised regulatory framework for Angel Funds under AIF Regulations"},"content":{"rendered":"\n<p>The key changes require all Angel Funds, both new and existing, to raise capital from accredited investors. It also specify that Angel Funds must declare their first close within 12 months of SEBI\u2019s communication, and they no longer need to file separate scheme documents or term sheets with SEBI. Instead, they must maintain internal records of term sheets for each investment. The revised framework allows for follow-on investments in existing companies, setting a cap of \u20b925 crore per company and a one-year lock-in period, which is reduced to six months for third-party sales. it also reclassified all Angel Funds as a direct sub-category of Category I AIFs and has updated the requirements for annual audits and performance reporting.\u00a0<\/p>\n\n\n\n<p><a href=\"https:\/\/www.sebi.gov.in\/legal\/circulars\/sep-2025\/revised-regulatory-framework-for-angel-funds-under-aif-regulations_96553.html\"><em>(Link: SEBI Circular Dated 10\/09\/2025)<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The key changes require all Angel Funds, both new and existing, to raise capital from accredited investors. It also specify [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[52,57],"tags":[],"class_list":["post-2485","post","type-post","status-publish","format-standard","hentry","category-sebi","category-circulars-sebi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI Circular Dated 10\/09\/2025 - Revised regulatory framework for Angel Funds under AIF Regulations - Bhatia Bhola &amp; Associates LLP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI Circular Dated 10\/09\/2025 - Revised regulatory framework for Angel Funds under AIF Regulations - Bhatia Bhola &amp; Associates LLP\" \/>\n<meta property=\"og:description\" content=\"The key changes require all Angel Funds, both new and existing, to raise capital from accredited investors. It also specify [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/\" \/>\n<meta property=\"og:site_name\" content=\"Bhatia Bhola &amp; Associates LLP\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-16T02:48:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-16T02:48:46+00:00\" \/>\n<meta name=\"author\" content=\"Yash Bhola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yash Bhola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/\"},\"author\":{\"name\":\"Yash Bhola\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c\"},\"headline\":\"SEBI Circular Dated 10\/09\/2025 &#8211; Revised regulatory framework for Angel Funds under AIF Regulations\",\"datePublished\":\"2025-09-16T02:48:45+00:00\",\"dateModified\":\"2025-09-16T02:48:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/\"},\"wordCount\":134,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/bhatiabhola.com\/#organization\"},\"articleSection\":[\"SEBI\",\"SEBI Circulars\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/\",\"url\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/\",\"name\":\"SEBI Circular Dated 10\/09\/2025 - Revised regulatory framework for Angel Funds under AIF Regulations - Bhatia Bhola &amp; Associates LLP\",\"isPartOf\":{\"@id\":\"https:\/\/bhatiabhola.com\/#website\"},\"datePublished\":\"2025-09-16T02:48:45+00:00\",\"dateModified\":\"2025-09-16T02:48:46+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bhatiabhola.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SEBI Circular Dated 10\/09\/2025 &#8211; Revised regulatory framework for Angel Funds under AIF Regulations\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bhatiabhola.com\/#website\",\"url\":\"https:\/\/bhatiabhola.com\/\",\"name\":\"Bhatia Bhola & Associates LLP\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/bhatiabhola.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bhatiabhola.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/bhatiabhola.com\/#organization\",\"name\":\"Bhatia Bhola & Associates LLP\",\"url\":\"https:\/\/bhatiabhola.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png\",\"contentUrl\":\"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png\",\"width\":1709,\"height\":376,\"caption\":\"Bhatia Bhola & Associates LLP\"},\"image\":{\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c\",\"name\":\"Yash Bhola\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g\",\"caption\":\"Yash Bhola\"},\"url\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/author\/bba_ypbhola\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEBI Circular Dated 10\/09\/2025 - Revised regulatory framework for Angel Funds under AIF Regulations - Bhatia Bhola &amp; Associates LLP","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/","og_locale":"en_US","og_type":"article","og_title":"SEBI Circular Dated 10\/09\/2025 - Revised regulatory framework for Angel Funds under AIF Regulations - Bhatia Bhola &amp; Associates LLP","og_description":"The key changes require all Angel Funds, both new and existing, to raise capital from accredited investors. It also specify [&hellip;]","og_url":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/","og_site_name":"Bhatia Bhola &amp; Associates LLP","article_published_time":"2025-09-16T02:48:45+00:00","article_modified_time":"2025-09-16T02:48:46+00:00","author":"Yash Bhola","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Yash Bhola","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#article","isPartOf":{"@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/"},"author":{"name":"Yash Bhola","@id":"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c"},"headline":"SEBI Circular Dated 10\/09\/2025 &#8211; Revised regulatory framework for Angel Funds under AIF Regulations","datePublished":"2025-09-16T02:48:45+00:00","dateModified":"2025-09-16T02:48:46+00:00","mainEntityOfPage":{"@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/"},"wordCount":134,"commentCount":0,"publisher":{"@id":"https:\/\/bhatiabhola.com\/#organization"},"articleSection":["SEBI","SEBI Circulars"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/","url":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/","name":"SEBI Circular Dated 10\/09\/2025 - Revised regulatory framework for Angel Funds under AIF Regulations - Bhatia Bhola &amp; Associates LLP","isPartOf":{"@id":"https:\/\/bhatiabhola.com\/#website"},"datePublished":"2025-09-16T02:48:45+00:00","dateModified":"2025-09-16T02:48:46+00:00","breadcrumb":{"@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2025\/09\/16\/sebi-circular-dated-10-09-2025-revised-regulatory-framework-for-angel-funds-under-aif-regulations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bhatiabhola.com\/"},{"@type":"ListItem","position":2,"name":"SEBI Circular Dated 10\/09\/2025 &#8211; Revised regulatory framework for Angel Funds under AIF Regulations"}]},{"@type":"WebSite","@id":"https:\/\/bhatiabhola.com\/#website","url":"https:\/\/bhatiabhola.com\/","name":"Bhatia Bhola & Associates LLP","description":"","publisher":{"@id":"https:\/\/bhatiabhola.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bhatiabhola.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/bhatiabhola.com\/#organization","name":"Bhatia Bhola & Associates LLP","url":"https:\/\/bhatiabhola.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/","url":"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png","contentUrl":"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png","width":1709,"height":376,"caption":"Bhatia Bhola & Associates LLP"},"image":{"@id":"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c","name":"Yash Bhola","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bhatiabhola.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g","caption":"Yash Bhola"},"url":"https:\/\/bhatiabhola.com\/index.php\/blog\/author\/bba_ypbhola\/"}]}},"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts\/2485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/comments?post=2485"}],"version-history":[{"count":1,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts\/2485\/revisions"}],"predecessor-version":[{"id":2486,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts\/2485\/revisions\/2486"}],"wp:attachment":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/media?parent=2485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/categories?post=2485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/tags?post=2485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}