IVCA Urges Legacy VCFs to Act on SEBI Migration Framework Before July 2025 Deadline
Under this framework, VCFs with active schemes or schemes that have expired but still hold unliquidated investments can opt to transition into the Alternative Investment Fund (AIF) regime under a new sub-category—Migrated Venture Capital Funds (MVCFs).
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The Indian Venture and Alternate Capital Association (IVCA) has issued a clarion call to all legacy Venture Capital Funds (VCFs) to urgently act on the Securities and Exchange Board of India's (SEBI) migration framework before the looming deadline of July 19, 2025.
SEBI, through its circular dated August 19, 2024, introduced a one-time migration window for VCFs operating under the now-repealed SEBI (Venture Capital Funds) Regulations, 1996. Under this framework, VCFs with active schemes or schemes that have expired but still hold unliquidated investments can opt to transition into the Alternative Investment Fund (AIF) regime under a new sub-category—Migrated Venture Capital Funds (MVCFs).
The move is seen as a major regulatory overhaul intended to modernise India's fund ecosystem, offering operational clarity and a structured path for legacy funds. Despite the advantages, the response to the migration framework has reportedly been lukewarm.
Rajat Tandon, President of IVCA, emphasised, "This is a critical regulatory window for legacy VCFs to realign with the current AIF framework. The migration framework introduced by SEBI not only offers operational clarity but also provides a structured path for managing residual assets and ensuring regulatory compliance," he said. "We urge all concerned VCFs to evaluate this option without delay. IVCA will continue to be the bridge between our members and SEBI, ensuring all necessary support is available throughout the migration process."
The framework includes several incentives such as simplified re-registration, fee waivers, and customised compliance norms. However, the slow uptake is raising concerns among industry observers and regulators.
IVCA is urging all eligible legacy VCFs—particularly those with residual assets—to assess their status and apply for migration promptly. VCFs that have either not made any investments or have wound up all their schemes are encouraged to formally surrender their registration to SEBI.
"This transition is not merely regulatory housekeeping—it's about building a more robust and transparent fund governance ecosystem," said Tandon.
For further guidance, VCFs are advised to reach out to IVCA or directly engage with SEBI to ensure timely compliance.
IVCA is the apex industry body for the alternate capital industry in India, representing over 450 funds with a combined AUM exceeding USD 350 billion. It advocates for policy development, supports innovation, and aims to position India as a global fund management hub.
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