TMI BlogGeneral ObligationsX X X X Extracts X X X X X X X X Extracts X X X X ..... hall have the meaning as specified by the Board from time to time. (2) The Manager and either the trustee or trustee company or the Board of Directors or the designated partners of the Alternative Investment Fund, as the case may be, shall ensure compliance by the Alternative Investment Fund with the Code of Conduct as specified in the Fourth Schedule. (3) All Alternative Investment Funds shall have detailed policies and procedures, as approved jointly by the Manager and the trustee or trustee company or Board of Directors or designated partners of the Alternative Investment Fund, as the case may be, to ensure that all the decisions of the Alternative Investment Fund are in compliance with the provisions of these regulations, terms of the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation: Provided that sub-regulation (8) of this regulation shall not apply to an Alternative Investment Fund in which each investor other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or directors of the Manager, has committed to invest not less than seventy crore rupees (or an equivalent amount in currency other than Indian rupees) and has furnished a waiver to the Alternative Investment Fund in respect of compliance with the said sub-regulation, in the manner as may be specified by the Board. (9) The members of the Investment Committee shall abide by the Code of Conduct applicable to them as specified in Fourth Schedule. (10) The external members of the Investment Committee whose names a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... do not represent the interest of the Sponsor or Manager or their associates; (c) the Custodian and the Sponsor or Manager of the Alternative Investment Fund are not subsidiaries of each other; (d) the custodian and the Sponsor or Manager of the Alternative Investment Fund do not have common directors; and (e) the Custodian and the Manager of the Alternative Investment Fund sign an undertaking that they shall act independently of each other in their dealings of the schemes of the Alternative Investment Fund. ] (12) All Alternative Investment Funds shall inform the Board in case of 7 [ any ] material change from the information provided by the Alternative Investment Fund at the time of application for registration. (13) In case of 8 [ change ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the eligibility criteria as may be specified by the Board from time to time. (19) The Compliance Officer shall immediately and independently report to the Board any noncompliance observed by him, as soon as possible but not later than seven working days from the date of observing such non-compliance. ] 15 [ (20) Every Alternative Investment Fund, Manager of the Alternative Investment Fund and Key Management Personnel of the Manager and the Alternative Investment Fund shall exercise specific due diligence, with respect to their investors and investments, to prevent facilitation of circumvention of such laws, as may be specified by the Board from time to time. Explanation: laws shall include Acts, Rules, Regulations, Guidelines or circulars f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or designated partners or any other material change from the information provided by the Alternative Investment Fund at the time of application for registration. (4) In case of change in control of the Alternative Investment Fund, Sponsor or Manager, prior approval from the Board shall be taken by the Alternative Investment Fund. (5) The books of accounts of the Alternative Investment Fund shall be audited annually by a qualified auditor. 2 [ (6) The Manager shall be responsible for investment decisions of the Alternative Investment Fund: Provided that the Manager may constitute an Investment Committee (by whatever name it may be called), to approve investment decisions of the Alternative Investment Fund, subject to the following: (i) The m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2021/57 dated 09-11-2021 w.e.f. 09-12-2021 7. Substituted vide Notification No SEBI/LAD-NRO/GN/2022/105 dated 15-11-2022 before it was read as, any change in the Sponsor, Manager or designated partners or any other 8. Inserted vide Notification No SEBI/LAD-NRO/GN/2022/105 dated 15-11-2022 9. Inserted vide Notification No SEBI/LAD-NRO/GN/2022/105 dated 15-11-2022 10. Inserted vide Notification No SEBI/LAD-NRO/GN/2022/105 dated 15-11-2022 11. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/113 dated 09-01-2023 12. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/132 dated 15-06-2023 13. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/163 dated 05-01-2024 before it was read as, (11) The Sponsor or Manager of the Alternative Inve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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