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Regulatory Framework Of Alternative Investment Fund (AIF) In India – Fund Management/ REITs



A few years ago, the only way to accumulate financial assets in
India was to invest in conventional investment categories like
equities, bonds, real estate, FDs, etc. With a growing population
of high-net-worth individuals in the nation, there is a rising need
for unorthodox investment possibilities.

Alternative Investment Funds
(“AIF”) are a type of
unorthodox investment choice. AIF is a fund that investors can
utilize to invest and gain benefits. AIFs are a pool of money that
collects money from sophisticated private investors. Alternative
Investment Funds are a viable option for sophisticated investors
who want to diversify their holdings.

The Funds that are collected will be invested as per the
investment policy of the AIF. The Securities and Exchange Board of
India’s mutual fund regulations doesn’t govern AIFs.
However, in 2012, the Securities and Exchange Board of India
(“SEBI”) introduced the SEBI
(AIF) Regulations 2012 (“AIF
to recognize AIFs. An AIF in India
can be established as a company, Limited Liability Partnership
(“LLP”), body corporate, or

The AIF industry in India has witnessed rapid growth as the
asset class has increased in popularity with investors. Total
commitments raised across the AIF industry have increased by over
10x (63.3% CAGR) over the last five years – from Rs. 38,879
crores as of March 31, 2016, to Rs. 4, 51,216 crores as of March
31, 20211.

AIF Category II accounts make up the most significant portion of
the total commitments raised, having raised Rs. 3, 56,627 crores as
of March 31, 2021, compared to Rs. 24,062 crores as of March 31,
2016, which represents a 71.5% CAGR growth. With promises totaling
Rs. 50,030 crores as of March 31, 2021, as opposed to commitments
totaling Rs. 4,249 crores as of March 31, 2016, Category III of AIF
is the second highest category. The smallest category of the AIF is
Category I, which had commitments of Rs. 44,560 crore as of March
31, 2021, compared to Rs. 10,568 crores as of March 31, 2016. The
largest category in the AIF market has always been Category II. Its
share of total commitments submitted has averaged 68.4% over the
five years between March 31, 2016, and March 31, 2021, compared to
the average percentage of 16.7% and 15.0% for Category I and
Category III, respectively.2


AIF is a privately pooled investment vehicle that collects funds
from sophisticated investors for investing under a defined
investment policy for the benefit of its investors.

Regulation 2(1)(b) of the AIF Regulations defines AIF as any
fund established or incorporated in the form of company or body
corporate or trust, or LLP, which is a privately pooled investment
vehicle. It collects funds from investors, for investing it under a
defined investment policy for the benefit of its investors.
However, it must be noted that AIF will not include funds covered
under the SEBI (Mutual Funds) Regulations, 1996, SEBI (Collective
Investment Schemes) Regulations, 1999, or any other regulations of
the Board to regulate fund management activities.3 Apart from this, the
following arrangements shall not be considered as AIF for the AIF

  1. Family trusts made for the benefit of ‘relatives’ as
    given under Companies Act, 2013

  2. ESOP Trusts established under the SEBI (SBEB) Regulations, 2014
    or as permitted under Companies Act, 2013

  3. Employee welfare trusts or gratuity trusts made for the benefit
    of employees;

  4. Holding companies given under sub section 46 of section 2 of
    Companies Act, 2013;

  5. Other special purpose vehicles not established by fund
    managers, including securitization trusts, regulated under a
    specific regulatory framework;

  6. Funds managed and administered by securitization company or
    reconstruction company which is registered with the Reserve Bank of
    India under Section 3 of the Securitization and Reconstruction of
    Financial Assets and Enforcement of Security Interest Act, 2002;

  7. Any such other pool of funds which is directly regulated by any
    other regulator in India

Implication of carrying business of AIF in India without

In one such recent case of HBJ Capital Services Private
Limited4 (“HBJ
, SEBI has taken note of instances of
non-compliance with the SEBI AIF Regulations, where the business
was carrying on without obtaining the requisite registration under
the SEBI AIF Regulations. HBJ Company was using various schemes to
provide the general public with trading recommendations and
financial advice via its website. Additionally, HBJ Company was
operating a Limited Liability Partnership under the name HBJ
Capital Ventures LLP (“HBJ
, an equity investment vehicle it had
promoted. HBJ LLP collected money from numerous people (partners)
and managed it for the goal of making a profit. SEBI received
information and complaints from its local office saying that HBJ
Company failed to deliver the profits it promised and neglected to
reimburse the complainants’ investments.

One of the issues SEBI addressed in its order was whether HBJ
Company and its directors, through its group business, HBJ LLP,
were pooling money from HNIs in contravention of the AIF
Regulations in order to make money from investments made in the
securities market. After carefully examining the relevant facts and
circumstances, SEBI came to the conclusion that it was obvious that
the actions performed by HBJ LLP and its partners meet the criteria
for an AIF as defined by the AIF Regulations. After reading
Regulation 2(1) (b) of the AIF Regulations which defines AIF, it
can be ascertained that unincorporated syndicates which are in
essence carrying out the activities envisaged under the AIF
Regulations are required to register themselves with the SEBI and
comply with the said regulations. If there is an operation an
investment fund and are not regulated by any other regulation in
India, it would be regulated by the AIF Regulation. As implied from
the facts of the case, HBJ Company was handling the business which
should be registered under AIF Regulations. It is important to
remember that an AIF (unincorporated or incorporated) would be
considered to have violated the AIF Regulations if it had not
received the necessary registration. Severe measures have been
taken by SEBI in this case against the directors and defaulting
investing company.

Development of AIF in India

Before introducing the Venture Capital
(“VC”) and Private Equity
(“PE”) industry in India,
investors primarily depended upon public offerings, private
placements, and raising capital through lending by financial
institutions. Venture capital funds are pooled investment funds
that manage the money of investors who seek personal equity stakes
in start-ups and small- to medium-sized enterprises with strong
growth potential. These investments are usually described as very
high-risk/high-return opportunities. With the enactment of SEBI
(Venture Capital Funds) Regulations, 1996, a positive impact of
providing much-needed risk capital and mentoring to entrepreneurs,
improving the stability, depth, and quality of companies in the
capital markets was seen. Subsequently, in 2012, SEBI took steps to
overhaul the regulatory framework for domestic funds in India
completely and introduced the AIF Regulations. Generally, VC funds
adopt modes like AIF, when investing in India.

By issuing its Circular, the SEBI has loosened the rules for
foreign investments by Alternative Investment Funds (AIFs) and
Venture Capital Funds (VCFs), providing flexibility as well as new
compliance requirements. This is a big improvement. The
Circular’s regulations must be followed in addition to any
requirements or regulations that may occasionally be imposed by the
RBI and SEBI. According to the guidelines for overseas investment[5], an AIF or VCF
wishing to make an overseas investment must obtain a SEBI No
Objection Certification in the required format, as well as an
allocation for the proposed amount of investment from the overall
limit of USD 1,500,000,000 for all AIFs and VCFs.[6]

Timeline for the AIF regulations development in recent past:

  • 2011 – The introduction of the concept paper for AIF

  • 2012 –The enactment of AIF Regulations.

  • 2013 – Rules for Angel Funds were introduced.

  • 2014 – There were some material changes in AIF, like the
    Approval of 75% of Investors’ exit options to investors
    dissenting for an increase in fees/ expenses. There were some
    relaxations given for the rules for Angel Fund.

  • 2017 – An Online registration platform for AIFs was

  • 2018 – Guidelines for AIF in IFSC were introduced. Further
    relaxation of rules for Angel funds was granted.


A group of competent people establish a fund and raise funds
from eligible investors to invest them in profitable investment
possibilities. They may be native or foreign investors. The
SEBI-registered AIF may take the form of a body corporate, LLP, or


Trust is the transfer of property from one person to another who
manages that property for the benefit of someone else. The
instrument by which this trust is enacted is called the Instrument
of Trust. The trust’s subject matter is Trust Property or Trust
Money. The person who reposes and asserts the confidence is known
as the Author of the trust. The one to whom the confidence is
reposed is called the Trustee, and the one for whose benefit the
confidence is accepted is known as the Beneficiary. The person who
makes a capital commitment under a contribution agreement is known
as the Contributor/ Investor of the Trust. The Trustee is
responsible for the overall management of the Trust, and this
responsibility is outsourced to an investment manager under an
investment management agreement. Almost all funds formed in India
use this structure. The regulatory framework governing trust
structures is stable and allows the management to write its
standard of governance.


LLP is a hybrid type of entity that provides the benefits of a
partnership and a limited liability company. (i.e., the benefits of
limited liability for partners with the flexibility to organize
internal management based on mutual agreement amongst the
partners). LLP Act 2008 governs the LLP in India. There are two
partners involved in an LLP. One is a Partner, and another is a
Designated Partner. The primary difference between both is that the
partner is an investor in the fund.In contrast, a designated
partner is the one responsible and liable for the compliance of

In practice, only some funds are registered as this structure.
The Registrar of Companies
(“ROC”) does not favor
providing approvals to investment LLPs. The Designated Partner is
responsible for the management of an LLP. However, in practice,
responsibility may be outsourced to an investment manager under an
investment management agreement.


The entity that has been incorporated under the Companies Act,
2013 is a Company. Simply put, a company is a group of people who
come together to engage in business activities with the goal of
making money. A company has different characteristics, depending on
the sort of company being created and Shareholders, Creditors,
Debtors and the Board of Directors
(“BOD”) are various
stakeholders involved in it. The people who own firm shares are
known as shareholders. Depending on the class of shares they own in
the corporation, they may have different rights and benefits. The
fiduciaries in charge of the company’s management are the BOD.
They are also referred to as the Company’s Trustees. There are
no precedents to raising funds in the form of a Company.



The AIF Regulations intend to establish funds through Trust,
Company, LLP, or Body Corporate. Usually, the Trust is preferred
over other modes. Typically, the parties involved in the Trust are
the Fund, the Sponsor, the Trustee, and the Investment Manager.
Some of the documents that need to be executed are:

  • An Indenture of Trust for the settlement of the
    Trust by the Settlor;

  • The Investment Management Agreement for
    delegation of authority to manage the fund and the payment of
    management fee to the AMC / Investment Manager;

  • The contribution Agreement is for the
    investors, who are required to execute these agreements, agreeing
    to invest into the fund from time to time (as per the terms agreed
    in the commitment letter), as and when investment opportunities

  • The Private Placement Memorandum sets out the
    key terms of AIF, investment focus and strategy, and details of the
    fund management team.


The Applicant can seek Registration in AIF under different
. They are as follows:

Category I: Investment in Start-ups, SMEs,
and projects which are socially and economically viable.

Funds that are invested in areas such as start-up or early-stage
ventures or social ventures or SMEs or infrastructure, or other
sectors or regions that the government or regulators consider as
socially or economically desirable and shall include VC funds, SME
Funds, Social Venture Funds, Infrastructure Funds, and such other
Alternative Investment Funds as may be specified.7

  • VC funds (Including Angel Funds)

  • SME Funds or Social Venture Funds

  • Infrastructure funds

  • Angel Fund

Category II: Investment in Equity and Debt

Funds that are not covered in Category I and III and which take
leverage or borrowing only to meet day-to-day operational
requirements and for the conditions as acceptable in the AIF

Category II AIFs consist of several Funds, such as Real Estate
Funds, PE Funds, and funds for distressed assets.

  • PE Fund

  • Debt Fund

  • Fund of Funds

Category III: Investment aimed at short-term
returns achieved by employing complex trading strategies.

Funds that employ diverse or complex trading strategies and may
employ leverage, including through investment in listed or unlisted
derivatives, come under this category.9

Category III AIFs consist of several types of funds, such as
hedge funds, PIPE Funds, etc.

  • Hedge Fund

  • Private Investment in Public Equity Fund (PIPE)

Applicants can seek registration as an AIF in one of the
following categories and sub-categories, as applicable.


Sponsor & ITS Commitment

As per Regulation 2(1)(w) of AIF Regulations, a sponsor is any
person who set up the AIF, including the promoter in case of a
company and designated partner in case of an LLP; Also, Regulation
2(1)(q) of AIF Regulations defines manager is any person/entity
that the AIF appoints to manage its investments by whatever name
called and may also be the same as the sponsor of the Fund.

To ensure that the interest of the Manager/ Sponsor is aligned
with the interest of the investors in the AIF, the AIF Regulations
require that the sponsor/manager shall have a specific continuing
interest in the AIF, which shall not be through the waiver of
management fees. The purpose of the clause is to have the sponsor
or the investment manager commit capital to the funds. This part is
identified as the continuing interest and will continue to be
locked in the fund till the time distributions have been made to
every other investor in the fund.

The AIF Regulations necessitate the sponsor or the manager of an
AIF to make certain amount of investment or give some capital to
the fund. For a Category I or Category II AIF, the sponsor or the
manager should have a continuing interest of 2.5% of the corpus of
the fund or Rs 5 crore, whichever is lower, and in the case of a
Category III AIF, a continuing interest of 5% of the corpus or Rs
10 crore, whichever is lower. For the angel investment funds, the
AIF Regulations require the sponsor or the manager to have a
continuing interest of 2.5% of the fund’s corpus or Rs 50
Lakhs, whichever is lower. Further, the sponsor or the manager (as
the case may be) must disclose its investment in an AIF to the
investors of the AIF.

The sharing of loss by the sponsor/manager with respect to their
investment in the AIF shall not be less than pro rata to their
holding in the AIF in comparison to other unit holders, according
to clause 3(c) of SEBI Circular10. It has been brought
to SEBI’s attention that certain schemes of AIFs have adopted a
distribution waterfall in such a way that one class of investors
(other than sponsor/manager) share loss more than pro rata to their
holding in the AIF in comparison to other classes of investors.
Although, it has not been expressly stated in AIF Regulations, that
the sharing of loss by a class of investors shall not be less than
pro rata to their holding in the AIF in comparison to other classes
of investors.

In collaboration with the Alternative Investment Policy Advisory
Committee, AIF industry groups, and other stakeholders, SEBI is
looking into the aforementioned issue. In the meanwhile, it has
been resolved that AIF schemes that have adopted the priority
distribution model will refrain from accepting new commitments or
making investments in new investee companies until SEBI has decided
on its position.11

Minimum corpus

Regulation 2(1)(h) of AIF regulations defines corpus as the
total amount of funds investors commit to the fund through a
written contract or any such document on a particular date.

The AIF Regulations prescribe that the minimum corpus for any
AIF shall be Rs 20 crore. In the case of Angel Funds/Social impact
funds, the minimum corpus for any AIF shall be Rs. 5 crore.

There is also guideline for AIFs to declare the first close of a
scheme were released by SEBI. The scheme’s corpus must meet the
minimum requirements set forth in the AIF Regulations for the
relevant category or subcategory of the AIF at the time the first
close is declared.12

Minimum Investment

The AIF Regulations do not permit an AIF to accept an
investment of less than Rs 1 crore (“Minimum
Investment Amount
“) from any investor unless such
investor is an employee or a director of the AIF or an employee or
director or the manager of the AIF. The minimum investment amount
for directors, employees, and fund managers is Rs. 25 lakhs.
However, SEBI has mandated Angel Funds to accept an investment of
Rs. 25 Lakhs and maximum of Rs. 10 Crores.

Restrictions on Investments

It is categorically to be noted that SEBI has inserted
investment restriction in terms of Investable Funds.
Investable funds” is defined in the AIF
Regulations as a corpus of the scheme of the AIF after
deducting/settling for the administration and management of the
fund estimated for the tenure of the fund.13 Category I and II
AIFs are required to not invest more than 25% of the Investable
Funds in a single investee company directly or through units of the
other AIFs. Category III AIFs are required to invest more than 10%
of the investable funds in a in a single investee company directly
or through units of the other AIFs. However, in case Category III
AIFs are investing in the equity of the listed investee company,
Category III AIFs shall ensure that it shall invest not more than
10% of the Net Asset Value
(“NAV”) of the fund in the
equity shares of a particular listed investee company.

Qualified Investors

The AIF Regulations allow an AIF to raise money by issuing units
of the AIF to any investor, whether Indian, foreign, or
non-resident. An AIF may accept the following as joint investors
for an investment of not less than Rs 1 crore

  • an investor and their spouse

  • an investor and their parent

  • an investor and his/her daughter/son

A maximum of two people may participate as joint investors in an
AIF for the investors above. The minimum investment requirement of
one crore rupees shall apply for any additional investors acting as
joint investors for each investor. Joint investors refer to
situations where each investor contributes to the AIF.

Maximum Number of Investors

The AIF Regulations cap for the maximum number of investors for
an AIF (other than angel funds) is 1,000. In the case of AIFs set
up in IFSC, the IFSCA (Fund Management) Regulations 2022 provide a
maximum of:

  • 50 investors for a VC scheme; and

  • 1000 investors for a restricted scheme.

Private Placements

AIF doesn’t make the invitation to subscribe to its units
through the public at large. They raise their funds from
sophisticated investors only through private placement. A private
placement is a sale of shares or bonds to pre-selected investors
and institutions rather than on the open market or public offering.
Generally, the investors are a small number of chosen

SEBI has also made the requirement for a Private Placement
Memorandum (“PPM”)
[14]. In order to
simplify the information and disclosure requirements, SEBI decided
to mandate a PPM template, which must give potential investors some
amount of preliminary information in a format specified by SEBI. It
is necessary for such a template to have two parts: Part-A should
contain the minimal disclosures, and Part-B should contain any more

The inclusion of an Investor Charter component in the PPM
has also been mandated by SEBI. An investor charter is a compact
document that provides information about the services offered to
investors, the grievance procedure, the duties of the investors,
etc. in one convenient location. This was put in place to inform
investors of various AIF-related actions and to increase openness
regarding the process for resolving investor complaints.[15]

Angel Funds

Angel funds are a sub-category of VC Funds under AIF Category I.
Angle Funds are funds where it is pooled/ raised by investors
termed as ‘Angels’. The raised funds from angel investors
are for investment in start-ups in their early stages of
development. Angel funds intend to strengthen the start-up
ecosystem by providing access to early-stage funding, management
mentoring, and guiding a start-up through its journey.

An Angel fund invests in companies where the investment team
believes it can help drive the transformation of the company. This
includes contributing to and participating in developing stage such
companies’ growth strategies.

According to the AIF Regulations, Angel investors can be
individuals or companies who meet the following criteria:

  • For the Individual Investor, someone who has at least Rs 2
    crores in net tangible assets
    , excluding the value of their
    principal residence, and someone who has early-stage investment
    experience (prior experience investing in an emerging or
    early-stage venture) or someone with experience as a serial
    entrepreneur (a person who has promoted or co-promoted more than
    one start-up venture) or a senior management professional with at
    least ten years of experience.

  • For a Body Corporate, anyone with a net worth of at least Rs
    10 Crores

Recently, SEBI has provided certain relaxations for Angel funds.
According to the amendments, each angel investor must make a
minimum investment of INR 25 Lakh in the angel fund.
Additionally, an angel fund must maintain a minimum corpus (the
total amount of funds committed to the angel fund by investors) of
Rs 5 Crore at the fund level.


The books of accounts of the Alternative Investment Fund shall
be audited annually by a qualified auditor. The AIF is required by
SEBI to conduct an annual audit of PPM compliance for the
purpose of compliance. The Trustee, Board, or Designated Partners
of the AIF, Board of the Manager and SEBI, shall be informed of the
findings of such audit and any necessary corrective action, if

Audit compliance must be completed at the end of each financial
year, and the results of the audit and any necessary corrective
action must be shared with (i) the Trustee, Board, or Designated
Partners of the AIF; (ii) the Board of the Manager; and (iii) SEBI
within six months of the financial year’s end.

AIFs that have not received any funding from investors are
exempt from the requirement of audit compliance. However, within
six months of the end of the financial year
, a Certificate from
a Chartered Accountant declaring that no money has been raised must
be provided to support this claim.


The AIF Regulations were introduced to channel incentives
effectively. For this purpose, the AIF Regulations define different
categories of funds with the intent to distinguish the investment
criteria and relevant regulatory concessions that may be allowed to
them. The AIF Regulations prescribe a broad set of investment
restrictions applicable to all AIFs and further define a specific
set of investment restrictions applicable to each category of AIFs.
SEBI is authorized to specify additional criteria or provide

In this regard, SEBI vides an amendment dated August 03, 2021,
introduced significant value funds for accredited investors
(“AI Funds”), which offered
relaxation from specific requirements of the AIF Regulations. Such
AI Funds are classified as funds in which each investor (other than
the Manager, Sponsor, employees, or directors of the AIF or
employees or directors of Manager) is an accredited investor and
invests not less than INR 70 crore.

Regulations 2(pa) of AIF Regulations defines the “large
value fund for accredited investors”. SEBI notifies guidelines
for large value for Accredited Investors under AIF
Regulations[16]. Guidelines for
Large Value Funds for Accredited Investors under the AIF
Regulations, and the requirement of a compliance officer for
managers of all AIFs were released by the SEBI on June 24, 2022.
The AIF Regulations have been changed to allow some relaxations
from regulatory requirements to “Large Value Fund for
Accredited Investors”
in response to the establishment of
the framework for “Accredited Investors” in the
securities market (“LVF”).

The LVFs are exempt from submitting their placement memorandum
to SEBI through a merchant banker and are allowed to launch their
scheme after notifying SEBI, so long as they do so.

A duly signed and stamped commitment from the CEO of the Manager
to the AIF (or another individual holding an equivalent role or
position depending on the legal structure of the Manager) and the
Compliance Officer of the Manager to the AIF must be included when
submitting the placement memorandum for LVF schemes to SEBI.

Key benefits for large value funds include:

  • Giving waivers to the IC members from collective responsibility
    for investment decisions and;

  • Making tenure requirements for close-ended funds more

  • Providing relaxation of concentration norms and certain offer
    document filing requirements;


AIF taxation will depend on and vary with each category. Through
Finance Act 2021, an amendment under Section 148(ii)(b) was
introduced in the Securities Contracts (Regulations) Act, 1956
(“SCRA”), which includes AIF
units in the definition of “securities”. There is double
taxation in the hands of the unit holder, who is an AIF investor,
under the Income Tax Act 1961 (“ITA”).
For any income (other than business income, e.g., capital gains),
AIF doesn’t pay any tax. The unit holder pays the tax and rates
applicable to them. Business income distributed is taxed at AIF.
Such payment is not taxable for unit holders.

For Category I & Category II, there is a pass-through
status. The income or loss (other than business income) generated
by the fund will be taxed at the hand of the investor and not by
the fund business. So, investment in these two categories of the
AIF will pay capital gain tax on the profit or loss you make from
the fund within a given duration. The duration here is vital to
understand whether long-term or short-term capital gain tax would
be applied. As per the recent rules for Long Term Capital Gain
(“LTCG”), 20% is the tax rate
with an indexation benefit. If the profits are taxed as Short Term
Capital Gain (“STCG”), the rate
would be 15%. There are surcharge and cess charges on and above the
mentioned tax rates. Any income (except business income)
distributed by the investment fund is not liable for DDT, and an
investment fund has to deduct a TDS of 10%.

For Category III, funds are taxable at the fund level. It has no
pass-through status. The taxability of the Category III funds will
depend upon the legal structure of the Fund i.e., Company, LLP or


The application and registration fee for AIF are given



Application fee

Rs 1,00,000

Registration fee for Category I Alternative

Investment Funds other than Angel Funds

Rs. 5,00,000

Registration fee for Category II Alternative

Investment Funds other than Angel Funds

Rs. 10,00,000

Registration fee for Category III Alternative

Investment Funds other than Angel Funds

Rs. 15,00,000

Scheme Fee for Alternative Investment Funds other than Angel

Rs. 1,00,000

Re-registration Fee

Rs 1,00,000

Registration Fee for Angel Funds

Rs 2,00,000

  1. Conclusion

The reason for the growth is majorly because AIF helps reduce
instability usually related to traditional investments as their
performances are not reliant on the ups and downs of a stock
market. It also helps in diversification in terms of markets
strategies and investment styles and strong potential in improving
performance. Although, nonetheless, to say, Alternative investments
funds are complex, and due diligence is needed before investing in
them. There is a high investment amount required, which is
impossible for small-scale investors. The SEBI has proactively
reestablished its advisory committee on alternative investment
policy to provide guidance on obstacles to the growth of the
start-up ecosystem and the alternative investment industry. The AIF
business is anticipated to expand rapidly and establish itself as a
popular alternative investment choice provided the necessary steps
are taken.


AIF Benchmark Report published by NSE Indices Ltd. in March

AIF Benchmark Report published by NSE Indices Ltd. in March

Regulation 2(1)(b), Securities and Exchange Board of India
(Alternative Investment Funds) Regulations, 2012.

Order dated February 17, 2020 bearing reference

5.Circular dated August 09,2007 bearing reference
SEBI/VCF/CIR no. 1/98645/2007 read with Circular dated October 01,
2015, bearing reference CIR/IMD/DF/7/2015

Circular dated August 17, 2022, bearing reference

Regulation 3(4)(a) of the Securities and Exchange Board of India
(Alternative Investment Funds) Regulations, 2012

Regulation 3(4)(b) of the Securities and Exchange Board of India
(Alternative Investment Funds) Regulations, 2012

Regulation 3(4)(c) of the Securities and Exchange Board of India
(Alternative Investment Funds) Regulations, 2012

Circular dated June 19, 2014 bearing reference

Circular dated November 23, 2022 bearing reference

Circular dated November 17, 2022 bearing reference

13.Regulation 2(1)(p), Securities and Exchange
Board of India (Alternative Investment Funds) Regulations,

14.Circular dated February 05, 2020 bearing
reference no.SEBI/HO/IMD/DF6/CIR/P/2020/24

15.Circular dated December 10, 2021 bearing
reference SEBI/HO/IMD/IMD-II_DOF7/P/CIR/2021/681

Circular dated June 24, 2022 bearing reference

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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