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Informist, Wednesday, Jun. 17, 2026

 

MUMBAI – The Securities and Exchange Board of India Wednesday cancelled the registration of ESG Impact Fund, an alternative investment fund, for failure to file quarterly activity reports for four quarters during 2025. The regulator had initiated summary proceedings against the fund in April 2026 for failing to file activity reports.

 

SEBI observed there was a complete lack of diligence on the part of the alternative investment fund. The regulator said the fund failed to take any proactive steps to resolve issues it was facing while uploading the activity reports for the period in question. 

 

The fund had claimed before SEBI that it was unable to file the reports due to technical difficulties with the SEBI Intermediaries Portal. The fund had claimed it faced errors in filing the reports for the quarter ending December 2022 in XML format, and subsequent quarter filings were blocked on the portal. According to the fund's documents with the regulator, SEBI noted that the fund had raised issues with filing the activity reports for September 2022 and December 2022.

 

However, SEBI said that the fund did not take any action to resolve the issue or file the quarterly activity reports after 2023, particularly for the quarters during which SEBI had launched proceedings. SEBI also noted that the fund had failed to rectify its errors despite SEBI guidance.

 

SEBI said that the fund had also failed to furnish an audit report for FY24 or to substantiate its claim that it had not raised any capital until then. SEBI observed that the regulations pertaining to alternative investment funds still required the fund to file a nil return in the absence of any business. While cancelling the registration, SEBI refused to accept the fund's defence of technical glitches it encountered while uploading the reports on the SEBI Intermediaries Portal.  End

 

Reported by Prateem Rohanekar

Edited by Saji George Titus

 

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