## Report on the Securities and Exchange Board of India (SEBI) Alternative Investment Funds Second Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Alternative Investment Funds Second Amendment Regulations, 2022, based on the official gazette notification dated March 16, 2022. This amendment focuses on modifying investment limits for Category III Alternative Investment Funds (AIFs), particularly concerning investments in Investee Companies. The key change involves providing more flexibility in calculating investment limits for listed equity investments, which is expected to influence investment strategies and potentially increase investment flows into listed companies.
**2. Introduction:**
The purpose of this report is to provide a detailed overview of the Securities and Exchange Board of India (SEBI) Alternative Investment Funds Second Amendment Regulations, 2022, based solely on the information contained within the provided policy text. This report aims to inform industry stakeholders about the specific changes introduced and their potential implications.
**3. Policy Overview:**
* This document represents an *amendment* to the existing Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012.
* The core objective of this specific amendment, as inferred from the text, is to modify the investment limits and calculation methods applicable to Category III Alternative Investment Funds.
**4. Background and Rationale:**
The amendment likely aims to address concerns or limitations within the existing regulations regarding investment flexibility for Category III AIFs. The change related to calculating investment limits using either investable funds or net asset value for listed equity investments suggests a desire to provide Category III AIFs with increased operational flexibility and potentially encourage greater investment in listed companies.
**5. Key Provisions / Changes:**
This amendment introduces the following key changes:
* **Specific part of the original policy being changed:** Clause (d) of subregulation (1) of regulation 15 of the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012, is being substituted.
* **New rule/provision:** The new clause provides that Category III Alternative Investment Funds shall invest not more than ten per cent of the investable funds in an Investee Company, directly or through investment in units of other Alternative Investment Funds and the large value funds for accredited investors of Category III Alternative Investment Funds may invest up to twenty per cent of the investable funds in an Investee Company, directly or through investment in units of other Alternative Investment Funds: Provided that for investment in listed equity of an Investee Company, Category III Alternative Investment Funds may calculate the investment limit of ten per cent of either the investable funds or the net asset value of the scheme and large value funds for accredited investors of Category III Alternative Investment Funds may calculate the investment limit of twenty per cent of either the investable funds or the net asset value of the scheme, subject to the conditions specified by the Board from time to time.
* **Difference/effect of the change:** The amendment gives Category III AIFs the option to calculate the investment limit of ten per cent of either the investable funds or the net asset value of the scheme and large value funds for accredited investors of Category III Alternative Investment Funds may calculate the investment limit of twenty per cent of either the investable funds or the net asset value of the scheme when investing in listed equity of an Investee Company. This provides more flexibility and potentially increases the amount they can invest in listed equities, depending on whether the investable funds or the net asset value is higher. This change seems designed to ease investment restrictions for Category III AIFs regarding listed equity investments.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* Category III Alternative Investment Funds
* Managers and investors of Category III AIFs.
* Investee Companies, particularly those with listed equity.
* The Securities and Exchange Board of India (SEBI).
* Large value funds for accredited investors of Category III Alternative Investment Funds
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies:** The Securities and Exchange Board of India (SEBI) is the responsible body for implementing and overseeing these regulations.
* **Timelines/procedures:** The regulations came into force on the date of their publication in the Official Gazette (March 16, 2022). The specific procedures for calculating the investment limit are subject to conditions specified by the Board from time to time. The amendment does not specify other implementation timelines.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcome of these specific changes is:
* Increased flexibility for Category III AIFs in managing their investments, particularly in listed equities.
* Potential for increased investment flows into listed companies due to the amended calculation method.
* More efficient portfolio management by Category III AIFs by aligning investment calculations with market realities and fund performance metrics (Net Asset Value).
* The impact will depend on the conditions specified by the Board from time to time.
**9. Conclusion:**
The Securities and Exchange Board of India Alternative Investment Funds Second Amendment Regulations, 2022, introduces targeted changes to investment limits for Category III AIFs, specifically concerning listed equity investments. The key change involves providing Category III AIFs with the option to calculate the investment limit based on either investable funds or net asset value. This amendment is likely to enhance investment flexibility and potentially boost investment in listed companies. This amendment signifies SEBI's ongoing efforts to refine the regulatory framework for AIFs and promote efficient capital allocation.
Key Entities Referenced
SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body for securities and commodity market in India.
ALTERNATIVE INVESTMENT FUNDS SECOND AMENDMENT REGULATIONS, 2022: Regulations amending the Securities and Exchange Board of India Alternative Investment Funds Regulations.
Securities and Exchange Board of India Act, 1992: Act of the Parliament of India that established the Securities and Exchange Board of India.
Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012: Regulations governing alternative investment funds in India.
Category III Alternative Investment Funds: A type of Alternative Investment Fund as per SEBI regulations.
Investee Company: Company receiving investment from Alternative Investment Funds
Madhabi Puri Buch: Chairman of the Securities and Exchange Board of India
Mumbai: City in Maharashtra, location of Securities and Exchange Board of India
Gazette of India: Official journal of the government of India
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2013: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Payment of Fees Amendment Regulations, 2014: Amendment regulations pertaining to the payment of fees under SEBI.
Securities and Exchange Board of India Real Estate Investment Trusts Regulations, 2014: Regulations governing Real Estate Investment Trusts under SEBI.
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2015: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2016: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Payment of Fees and Mode of Payment Amendment Regulations, 2017: Amendment regulations pertaining to payment of fees and mode of payment under SEBI.
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2018: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2019: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020: Amendment regulations pertaining to regulatory sandbox under SEBI.
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2020: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Second Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Regulatory Sandbox Amendment Regulations, 2021: Amendment regulations pertaining to regulatory sandbox under SEBI.
Securities and Exchange Board of India Alternative Investment Funds Third Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Fourth Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Fifth Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
Securities and Exchange Board of India Alternative Investment Funds Amendment Regulations, 2022: Amendment regulations to the Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012
New Delhi: Capital of India
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-एम.एxचxx.G-अID.E-1x6xx0 32022-234253
CG-MH-E-16032022-234253
असाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 138] नई कदपली, बध िार, माच ड16, 2022/फापग न 25, 1943
No. 138] NEW DELHI, WEDNESDAY, MARCH 16, 2022/PHALGUNA 25, 1943
भारतीय प्रजतभजू त और जिजनमय बोड ड
अजधसचू ना
मब ं ई, 16 माचड, 2022
भारतीय प्रजतभजू त और जिजनमय बोड ड
[आनक जपिक जिजनधान (जनििे ) जनजधया]ाँ (दसू रा सिं ोधन) जिजनयम, 2022
स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/75.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम,
1992 (1992 का 15) की धारा 11 की उि-धारा (1), धारा 11 की उि-धारा (2) के खंड (खक) एिं खंड (ग) तथा धारा
12 की उि-धारा (1) एिं उि-धारा (1ख) के साथ िठित धारा 30 की उि-धारा (1) द्वारा प्रदान की गई िजियों का प्रयोग
करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 का
और संिोधन करन े के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथाडत,्-
1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (दसू रा
संिोधन) जिजनयम, 2022 कहा िा सकेगा ।
2. ये जिजनयम रािित्र म ें इनके प्रकािन की तारीख को लागू होंग े ।
3. भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 म,ें-
I. जिजनयम 15 के उि-जिजनयम (1) के खडं (घ) के स्ट्थान िर जनम्नजलजखत खडं आ िाएगा, अथाडत्,-
“(घ) प्रिग-डIII की आन कजपिक जनिेि जनजधयााँ ककसी एक इन्िेस्ट्टी कंिनी म,ें प्रत्यक्ष रूि से या अन्य
आन कजपिक जनिेि जनजधयों की यूजनटों में जनिेि करके, जनिेियोग्य जनजधयों (इन्िेस्ट्टेबल फंड) के दस
प्रजतित स ेअजधक का जनिेि नहीं करेंगी, और प्रिग-डIII की आन कजपिक जनिेि जनजधयों के “अक्रेजडठटड
1823 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
जनिेिकों के जलए अत्यजधक जनिेि करने हते बनाए गए फंड” (लािड िैपयू फंड) ककसी एक इन्िेस्ट्टी कंिनी म,ें
प्रत्यक्ष रूि स ेया अन्य आनक जपिक जनिेि जनजधयों की यूजनटों में जनिेि करके, जनिेियोग्य जनजधयों
(इन्िेस्ट्टेबल फंड) के बीस प्रजतित तक का जनिेि कर सकेंग:े
िरंत यह कक, बोडड द्वारा समय-समय िर जनधाडठरत की गई ितों के अध्यधीन, ककसी एक इन्िस्ट्ेटी कंिनी की
सूचीबद्ध (जलजस्ट्टड) इकिटी में जनिेि करने के जलए, प्रिग-डIII की आन कजपिक जनिेि जनजधया ाँजनिेि सीमा
की गणना या तो स्ट्कीम की जनिेियोग्य जनजधयों (इन्िेस्ट्टेबल फंड) के दस प्रजतित या कफर स्ट्कीम के ि द्ध
आजस्ट्त मपूय (नेट असेट िैपय)ू के दस प्रजतित के आधार िर कर सकेंगी, और प्रिग-डIII की आन कजपिक जनििे
जनजधयों के “अक्रेजडठटड जनिेिकों के जलए अत्यजधक जनिेि करने हते बनाए गए फंड” (लािड िैपयू फंड)
जनिेि सीमा की गणना या तो स्ट्कीम की जनिेियोग्य जनजधयों (इन्िेस्ट्टेबल फंड) के बीस प्रजतित या कफर
स्ट्कीम के ि द्ध आजस्ट्त मपूय (नेट असेट िैपय)ू के बीस प्रजतित के आधार िर कर सकेंगे ।”
माधबी ि री ब च, अध्यक्ष
[जिज्ञािन-III/4/असा./692/2021-22]
िाद ठटप्िण :
1. भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ जिजनयम, 2012, स.ं एल.ए.डी.-
एन.आर.ओ./िी.एन./2012-13/04/11262, 21 मई 2012 को भारत के रािित्र म ेंप्रकाजित हुए थ े।
2. भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 तत्िश्चात्, -
(1) 16 जसतम्बर, 2013 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2013, सं. एलएडी-एनआरओ/िीएन/2013-14/24/6573, द्वारा
(2) 23 मई, 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का संदाय) (संिोधन) जिजनयम, 2014, स.ं
एल.ए.डी.-एन.आर.ओ./िी.एन./2014-15/03/1089, द्वारा
(3) 26 जसतम्बर, 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (ठरयल इस्ट्टेट जनिेि न्यास) जिजनयम, 2014, सं.
एल.ए.डी./एन.आर.ओ./िी.एन./2014-15/11/1576, द्वारा
(4) 14 अगस्ट्त, 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2015, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2015-16/011, द्वारा
(5) 4 िनिरी, 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ]
(संिोधन) जिजनयम, 2016, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2016-17/026, द्वारा
(6) 6 माचड, 2017 को भारतीय प्रजतभूजत और जिजनमय बोड ड (फीस का भ गतान और भ गतान का माध्यम)
(संिोधन) जिजनयम, 2017, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2016-17/037, द्वारा
(7) 1 िून, 2018 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (संिोधन)
जिजनयम, 2018, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2018/19, द्वारा
(8) 10 मई, 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] (संिोधन)
जिजनयम, 2019, सं. सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2019/16, द्वारा
(9) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2020,
सं. सेबी/एल.ए.डी.-एनआरओ/िीएन/2020/10, द्वारा
(10) 19 अिूबर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(सिं ोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी./एन.आर.ओ./िी.एन./2020/37, द्वारा
(11) 8 िनिरी, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ]
(संिोधन) जिजनयम, 2021, सं. सेबी/एल.ए.डी./एन.आर.ओ./िी.एन./2021/01, द्वारा
(12) 5 मई, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (दसू रा
संिोधन) जिजनयम, 2021, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2021/21, द्वारा[भाग III—खण् ड 4] भारत का रािित्र : असाधारण 3
(13) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2021,
सं. सेबी/एलएडी-एनआरओ/िीएन/2021/30, द्वारा
(14) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (तीसरा
संिोधन) जिजनयम, 2021, स.ं सेबी/एलएडी-एनआरओ/िीएन/2021/33, द्वारा
(15) 13 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधयााँ] (चौथा
संिोधन) जिजनयम, 2021, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./िी.एन./2021/41, द्वारा
(16) 9 निम्बर, 2021 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ (िााँचिााँ
संिोधन) जिजनयम, 2021, स.ं सबे ी/एलएडी-एनआरओ/िीएन/2021/57, द्वारा
(17) 24 िनिरी, 2022 को भारतीय प्रजतभूजत और जिजनमय बोड ड [आन कजपिक जिजनधान (जनिेि) जनजधया]ाँ
(संिोधन) जिजनयम, 2022, सं. सबे ी/एल.ए.डी.-एन.आर.ओ./िी.एन./2022/68, द्वारा
संिोजधत हुए थ े।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 16th March, 2022
SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS)
(SECOND AMENDMENT) REGULATIONS, 2022
No. SEBI/LAD-NRO/GN/2022/75.—In exercise of the powers conferred by sub-section (1) of
Section 30 read with sub-section (1) of Section 11, clause (ba) and clause (c) of sub-section (2) of Section
11 and sub-section (1) and (1B) of Section 12 of the Securities and Exchange Board of India Act, 1992
(15 of 1992), the Board hereby makes the following regulations to further amend the Securities and
Exchange Board of India (Alternative Investment Funds) Regulations, 2012, namely, —
1. These Regulations may be called the Securities and Exchange Board of India (Alternative
Investment Funds) (Second Amendment) Regulations, 2022.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, –
I. clause (d) of sub-regulation (1) of regulation 15 shall be substituted with the following
clause, namely,-
“(d) Category III Alternative Investment Funds shall invest not more than ten per cent of
the investable funds in an Investee Company, directly or through investment in units of
other Alternative Investment Funds and the large value funds for accredited investors of
Category III Alternative Investment Funds may invest up to twenty per cent of the
investable funds in an Investee Company, directly or through investment in units of other
Alternative Investment Funds:
Provided that for investment in listed equity of an Investee Company, Category III
Alternative Investment Funds may calculate the investment limit of ten per cent of either
the investable funds or the net asset value of the scheme and large value funds for
accredited investors of Category III Alternative Investment Funds may calculate the
investment limit of twenty per cent of either the investable funds or the net asset value of
the scheme, subject to the conditions specified by the Board from time to time.”
MADHABI PURI BUCH, Chairman
[ADVT.-III/4/Exty./692/2021-22]
Footnote:
1. The Securities and Exchange Board of India (Alternative Investment Funds)
Regulations, 2012 were published in the Gazette of India on May 21, 2012 vide No.
SEBI/LAD-NRO/GN/2012-13/04/11262.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
2. The Securities and Exchange Board of India (Alternative Investment Funds)
Regulations, 2012 were subsequently amended on, –
(1) 16th September, 2013 by the Securities and Exchange Board of India (Alternative
Investment Funds) (Amendment) Regulations, 2013 vide No. LAD-NRO/GN/
2013-14/24/6573.
(2) 23rd May, 2014 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089.
(3) 26th September, 2014 by the Securities and Exchange Board of India (Real Estate
Investment Trusts) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/11/1576.
(4) 14th August, 2015 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-
16/011.
(5) 4th January, 2017 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2016 vide No. SEBI/LAD/NRO/GN/2016-17/026.
(6) 6th March, 2017 by the Securities and Exchange Board of India (Payment of Fees and
Mode of Payment) (Amendment) Regulations, 2017 vide No. SEBI/LAD/
NRO/GN/2016-17/037.
(7) 1st June, 2018 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2018 vide No. SEBI/LAD/NRO/GN/2018/19.
(8) 10th May, 2019 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2019 vide No. SEBI/LAD/NRO/GN/2019/16.
(9) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory
Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
(10) 19th October, 2020 by the Securities and Exchange Board of India (Alternative
Investment Funds) (Amendment) Regulations, 2020 vide No.
SEBI/LAD/NRO/GN/2020/37.
(11) 8th January, 2021 by the Securities and Exchange Board of India (Alternative
Investment Funds) (Amendment) Regulations, 2021 vide No. SEBI/LAD/
NRO/GN/2021/01.
(12) 5th May, 2021 by the Securities and Exchange Board of India (Alternative
Investment Funds) (Second Amendment) Regulations, 2021 vide No SEBI/LAD-
NRO/GN/2021/21.
(13) 3rd August, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No.
SEBI/LAD-NRO/GN/2021/30.
(14) 3rd August, 2021 by the Securities and Exchange Board of India (Alternative
Investment Funds) (Third Amendment) Regulations, 2021 vide No. SEBI/LAD-
NRO/GN/2021/33.
(15) 13th August, 2021 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Fourth Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/41
(16) 9th November, 2021 by the Securities and Exchange Board of India (Alternative
Investment Funds) (Fifth Amendment) Regulations, 2021 vide No. SEBI/LAD-
NRO/GN/2021/57.
(17) 24th January, 2022 by the Securities and Exchange Board of India (Alternative Investment
Funds) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/68.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.