RBI Investment Portfolio Amendment Directions 2026 for AIFIs

The Reserve Bank of India has officially released the Reserve Bank of India (All India Financial Institutions - Classification, Valuation, and Operation of Investment Portfolio) Amendment Directions, 2026. This regulatory update amends previous instructions to ensure clarity and uniform practices in the valuation of units of Infrastructure Investment Trusts and Real Estate Investment Trusts.

Overview of RBI 2026 Amendment Directions

The central bank issued these fresh directives under the powers conferred by Section 45L of the Reserve Bank of India Act, 1934. The notification addresses Chapter VI of the earlier 2025 directions related to the market value of investments by All India Financial Institutions (AIFIs). The primary objective is to streamline valuation methods for quoted and unquoted units of InvITs and REITs, maintaining transparency and standard financial reporting across institutions.

Key Details Table

Feature	Detail
Regulatory Body	Reserve Bank of India (RBI)
Notification Number	RBI/2026-27/268 (DOR.MRG.REC.No.232/00-00-017/2026-27)
Affected Entities	All India Financial Institutions (AIFIs)
Subject	Classification, Valuation, and Operation of Investment Portfolio
Effective Date	September 22, 2026
Official Portal	https://www.rbi.org.in

Valuation Rules for Infrastructure Investment Trusts (InvITs)

Under the newly inserted Paragraph 58A, specific valuation guidelines are established for InvIT instruments held by financial institutions:

• Quoted Securities: Quoted securities and units issued by InvITs must be valued mutatis mutandis according to the general instructions specified for quoted securities within the directions.
• Unquoted Units: Valuation of unquoted units shall be calculated at the Net Asset Value (NAV) disclosed by the respective InvIT.
• Default Valuation: If an InvIT fails to compute and disclose its NAV in the manner and frequency required by SEBI (Infrastructure Investment Trusts) Regulations, 2014, its units will be valued at ₹1. This rule also applies to units classified as infrequently traded under SEBI regulations.
• Other Unquoted Instruments: Other unquoted instruments issued by an InvIT follow the methodology designated for similar instruments in the master directions.

Valuation Rules for Real Estate Investment Trusts (REITs)

Paragraph 58B introduces parallel instructions for REIT holdings:

• Quoted Securities: Quoted securities and units issued by REITs follow standard instructions applicable to quoted securities.
• Unquoted Units: Unquoted units are valued at the NAV disclosed by the REIT.
• Default Valuation: In instances where a REIT does not compute and disclose NAV as mandated by SEBI (Real Estate Investment Trusts) Regulations, 2014, the unit value will automatically default to ₹1. Infrequently traded REIT units share this treatment.
• Other Instruments: Other unquoted instruments issued by a REIT will adhere to standard specified valuation methodologies.

Important Dates and Implementation

The amendment directions came into force immediately upon issuance on September 22, 2026. Financial institutions must align their portfolio valuation frameworks with these updated guidelines to maintain compliance with regulatory standards set by the Reserve Bank of India.

Next Steps for Stakeholders

All India Financial Institutions and relevant market participants should review their existing investment portfolios, verify current asset classifications, and update their valuation systems for InvIT and REIT holdings in accordance with the 2026 amendment directions. Access the official Reserve Bank of India portal for complete document downloads and further regulatory clarifications.