The Securities and Exchange Board of India vide circular no. SEBI/HO/AFD/AFD-POD-1/P/CIR/2025/128 stated that angel funds can raise capital only from accredited investors, as part of the revised framework notified by the regulator to streamline fundraising, investment and compliance norms under the alternative investment funds rules. This circular shall come into force from 10th September 2025. Please refer the circular for more details.