New Delhi, June 1 -- The Securities and Exchange Board of India (SEBI) has cancelled the registrations of five alternative investment funds (AIFs), including one managed by former Blackstone executive Mathew Cyriac's firm Florintree Advisors, for not filing their quarterly reports.

According to separate orders issued on Monday, the capital markets regulator cancelled the registration of the Florintree India Flexi Advantage Trust, Victory Investment Fund, Rudrabhishek Infrastructure Trust, Prime Realty Capital, and Exponential Innovation Fund. All these funds did not file their reports for four quarters in the calendar year 2025 and did not respond to the show-cause notices sent by the regulator, SEBI said.

AIFs are required to file quarterly reports on their activity and upload them in a prescribed format on websites hosted by industry associations Indian Venture and Alternate Capital Association (IVCA) and Equalifi. These reports also have to be filed through the SEBI Intermediary Portal (SI Portal).

Florintree India Flexi Advantage Trust was a Category III AIF. The Victory and Prime Realty funds were Category II AIFs while the other two were Category I AIFs.

According to SEBI norms, Category I includes venture capital funds, angel funds, SME funds and infrastructure funds. Category II includes private equity and real estate vehicles while Category III includes hedge funds and PIPE funds, which stands for private investments in public equities.

The Florintree vehicle was launched as a hedge fund to back small and mid-size companies operating in India. Victory Investment Fund was launched in 2016 with a target size of $30 million to invest in the entertainment industry through movies and syndicated television content.

The Rudrabhishek fund, launched in 2013, was aiming for opportunities in the infrastructure sector. Prime Realty, launched in 2015, aimed to provide growth capital to companies operating in India. Exponential Innovation Fund was launched with a $50 million target in 2017 by investment advisory firm 3737 North Capital and looked to give seed and early-stage capital to companies in India.

The latest cancellations bring the total number of AIFs that SEBI has struck off the record to 10 over the last two weeks. The regulator had cancelled the registration of five other AIFs for similar violations through orders issued on May 22 and May 15.

Published by HT Digital Content Services with permission from VC Circle.