IMPORTANT DEFINITIONS of  Alternative Investment Fund :

Alternative Investment Fund

AIF means any fund established in India in the form of a trust, company, limited liability partnership or a body corporate which:-

(i) is a privately pooled investment vehicle that collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors; and

(ii) is not covered under the SEBI (Mutual Funds) Regulations, 1996, SEBI (Collective Investment Schemes) Regulations 1999 or any other regulations of SEBI, which aims to regulate fund management activities. The following are specifically excluded from the purview of AIF Regulations (subject to conditions in certain cases):

– Family Trusts;

– ESOP Trusts;

– Employee Welfare Trusts;

– Holding Companies within the meaning of section 2(46) of Companies Act, 2013;

– Other Special Purpose Vehicles not established by fund managers, including securitization trusts, regulated under a specific regulatory framework;

– Funds managed by registered securitization company or reconstruction company; and

– Any such pool of funds which is directly regulated by any other Indian regulator.