IVCA welcomes SEBI's decision to extend timeline for Angel Funds’ PPM disclosure

NEW DELHI: The Indian Venture and Alternate Capital Association (IVCA) welcomes the Securities and Exchange Board of India’s (SEBI) decision — as outlined in its latest circular — to extend the timeline for Angel Funds to disclose a defined allocation methodology in their Private Placement Memoranda (PPM) to 31 January 2026, from the earlier deadline of 15 October 2025. This extension provides much-needed clarity and additional time for Angel Funds to align with the revised regulatory framework, ensuring smoother implementation and stronger governance across the early-stage investment ecosystem.

The extension offers Angel Funds crucial additional time to align their documentation, operational processes, and investor communication with the updated regulatory framework — ensuring a smoother, more orderly transition to the new standards.

Rajat Tandon, President, IVCA said in a statement, “This extension underscores SEBI’s commitment to a pragmatic regulatory transition — one that not only strengthens transparency and investor protection but also acknowledges the operational challenges faced by angel fund managers. It gives the ecosystem the necessary time to adapt processes, align investor communication, and embed governance standards in a sustainable manner. We at IVCA welcomes, this as a constructive step forward that will help Angel Funds integrate the new framework comprehensively and with confidence, while continuing to play a pivotal role in nurturing India’s start-up economy.”


Strengthening the Angel Fund Ecosystem
The 2025 amendments to SEBI’s Angel Fund framework mark a significant step towards enhancing transparency, accountability, and investor protection in India’s early-stage investment landscape. By introducing investor accreditation norms, standardised governance practices, and clearer allocation disclosures, the reforms align India’s regulatory environment with global best practices.

Over the past months, IVCA has engaged with SEBI, DPIIT, and the broader ecosystem through consultations, surveys, and capacity-building initiatives to ensure that the concerns of Angel Funds are addressed and that compliance is implemented smoothly.