Regulation 4 - Eligibility Criteria - Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012

Eligibility Criteria. 4. For the purpose of the grant of certificate to an applicant, the Board shall consider the following conditions for eligibility, namely, - (a) the memorandum of association in case of a company; or the Trust Deed in case of a Trust; or the Partnership deed in case of a limited liability partnership permits it to carry on the activity of an Alternative Investment Fund; (b) the applicant is prohibited by its memorandum and articles of association or trust deed or partnership deed from making an invitation to the public to subscribe to its securities; (c) in case the applicant is a Trust, the instrument of trust is in the form of a deed and has been duly registered under the provisions of the Registration Act, 1908; (d) in case the applicant is a limited liability partnership, the partnership is duly incorporated and the partnership deed has been duly filed with the Registrar under the provisions of the Limited Liability Partnership Act, 2008; (e) in case the applicant is a body corporate, it is set up or established under the laws of the Central or State Legislature and is permitted to carry on the activities of an Alternative Investment Fund; (f) the applicant, Sponsor and Manager are fit and proper persons based on the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; 1 [ (g) The key investment team of the Manager of Alternative Investment Fund has - 2 [ (i) at least one key personnel with relevant certification as may be specified [ 5 ] by the Board from time to time; and ] (ii) at least one key personnel with professional qualification in finance, accountancy, business management, commerce, economics, capital market or banking from a university or an institution recognized by the Central Government or any State Government or a foreign university, or a CFA charter from the CFA institute or any other qualification as may be specified by the Board: Provided that the requirements 3 [ **** ] as specified in regulation 4(g)(i) and 4(g)(ii) may also be fulfilled by the same key personnel. ] 4 [ Provided further that a fresh certification shall be obtained before expiry of the validity of the existing certification to ensure continuity in compliance with the certification requirement. ] (h) the Manager or Sponsor has the necessary infrastructure and manpower to effectively discharge its activities; (i) the applicant has clearly described at the time of registration the investment objective, the targeted investors, proposed corpus, investment style or strategy and proposed tenure of the fund or scheme; (j) whether the applicant or any entity established by the Sponsor or Manager has earlier been refused registration by the Board. ************ NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2020/37 dated 19-10-2020 before it was read as, (g) the key investment team of the Manager of Alternative Investment Fund has adequate experience, with at least one key personnel having not less than five years experience in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets and has relevant professional qualification; 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/132 dated 15-06-2023 w.e.f. 10-05-2024 before it was read as, (i) adequate experience, with at least one key personnel having not less than five years of experience in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets; and 3. Omitted vide Notification No. SEBI/LAD-NRO/GN/2023/132 dated 15-06-2023 w.e.f. 10-05-2024 before it was read as, of experience and professional qualification 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/132 dated 15-06-2023 w.e.f. 10-05-2024 5. See Notification No. SEBI/LAD-NRO/GN/2024/176 dated 10-05-2024 for Specified Person