SEBI Cancels Registrations Of Five AIFs For Failure To File Quarterly Reports

SEBI has cancelled the registrations of five Alternative Investment Funds (AIFs) after finding that they failed to file mandatory Quarterly Activity Reports (QARs) for four consecutive quarters and did not respond to show cause notices issued by the regulator.

The orders were passed by SEBI Designated Authority S. Madhusudhanan.

The entities whose registrations have been cancelled are Victory Investment Fund, Rudrabhishek Infrastructure Trust, Prime Realty Capital, Florintree India Flexi Advantage Trust, and Exponential Innovation Fund.

SEBI noted that the funds had failed to file QARs for the quarters ending March 2025, June 2025, September 2025 and December 2025. It observed that registered AIFs are required to submit reports on their activities to SEBI on a quarterly basis through the SEBI Intermediary Portal within 15 calendar days from the end of each quarter.

SEBI thereafter initiated summary proceedings and issued show cause notices calling upon the entities to explain why their certificates of registration should not be cancelled.

The regulator observed that despite service of the notices through registered post and email, no replies or submissions were received from the noticees.

Holding that the violation of the reporting requirements stood established, SEBI cancelled the registration certificates of the five AIFs with immediate effect.

Click here to read/ download the order against Victory Investment Fund

Click here to read/ download the order against Rudrabhishek Infrastructure Trust

Click here to read/ download the order against Prime Realty Capital

Click here to read/ download the order against Florintree India Flexi Advantage Trust

Click here to read/ download the order against Exponential Innovation Fund