DRAFT FOR COMMENTS RBI/2025-26/-- DOR.STR.REC.--/21.04.048/2025-26 ___, 2025 Reserve Bank of India (Investment in AIF) Directions, 2025 The Reserve Bank had issued the circular no.DOR.STR.REC.58/21.04.048/2023-24 dated December 19, 2023 and DOR.STR.REC.85/21.04.048/2023-24, dated March 27, 2024 (“existing circulars”), prescribing the regulatory guidelines in respect of the investment by the regulated entities (REs) in Alternative Investment Funds (AIFs). The above guidelines have been reviewed, inter alia taking into account the regulations issued by the Securities and Exchange Board of India (SEBI) relating to specific due diligence of investors and investments of AIFs.