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TMI BlogGeneral ObligationsX X X X Extracts X X X X X X X X Extracts X X X X ..... ointly 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 placement memorandum, agreements made with investors, other fund documents and applicable laws. (4) All Alternative Investment Funds shall review the policies and procedures laid down in terms of sub regulation (3) of this regulation, other internal policies, if any, and their implementation, on a regular basis or as a result of business developments, to ensure their continued appropriateness. (5) The Manager shall be responsible for every decision of the Alternative Investment Fund, including ensuring that the decisions are in compliance with the provisions of these regulations, terms of the placement memorandum, agreements made with investors, other fund documents and applicable laws. (6) The Manager shall be responsible for ensuring that every decision of the Alternative Investment Fund is in compliance with the policies and procedures laid down for the Alternative Investment Fund in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in such manner as may be specified by the Board from time to time. ] 14 [ (11A) A Custodian which is an associate of the Sponsor or Manager of an Alternative Investment Fund may act as a custodian for that Alternative Investment Fund only when all the following conditions are met: (a) the Sponsor or Manager has a net worth of at least twenty thousand crore rupees at all points of time; (b) fifty per cent or more of the directors of the Custodian 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 ..... heme of an Alternative Investment Fund shall have rights, pro-rata to their commitment to the scheme, in each investment of the scheme and in the distribution of proceeds of such investment, except as may be specified by the Board from time to time: Provided that the rights of the investors of a schemes of Alternative Investment Fund issued prior to the notification of the Securities and Exchange Board of India (Alternative Investment Funds) (Fifth Amendment) Regulations, 2024, which are not pro-rata to their commitment to the scheme and not exempted by the Board, shall be dealt with in the manner specified by the Board. (22) The rights of investors of a scheme of an Alternative Investment Fund, other than that specified in sub-regulation (21) of this regulation, shall be pari-passu in all aspects: Provided that differential rights may be offered to select investors of a scheme of an Alternative Investment Fund, in the manner as may be specified by the Board, without affecting the interest of other investors of the scheme: Provided further that the requirement under sub-regulation (22) of this regulation shall not apply to Large Value Fund for Accredited Investors: Provided further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approve investment decisions of the Alternative Investment Fund, subject to the following: (i) The members of Investment Committee shall be equally responsible as the Manager for investment decisions of the Alternative Investment Fund. (ii) The Manager and members of the Investment Committee shall jointly and severally ensure that the investments of the Alternative Investment Fund are in compliance with the provisions of these regulations, the terms of the placement memorandum, agreement made with the investor, any other fund documents and any other applicable law. (iii) External members whose names are not disclosed in the placement memorandum or agreement made with the investor or any other fund documents at the time of onboarding investors, shall be appointed to the Investment Committee only with the consent of at least seventy five percent of the investors by value of their investment in the Alternative Investment Fund or scheme. (iv) Any other conditions as specified by the Board from time to time 3 [ : ]] 4 [ Provided further that clauses (i) and (ii) shall not apply to an Alternative Investment Fund in which each investor other than the Manager, Sponsor, employees or direct ..... 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