LIABILITY FOR ACTION IN CASE OF DEFAULT :
An Alternative Investment Fund shall be dealt with in the manner provided under the SEBI (Intermediaries) Regulations, 2008, if –
(a) contravenes any of the provisions of the Act or these regulations;
(b) fails to furnish any information relating to its activity as an Alternative Investment Fund as required by SEBI;
(c) furnishes to SEBI information which is false or misleading in any material particular;
(d) does not submit periodic returns or reports as required by SEBI;
(e) does not co-operate in any enquiry, inspection or investigation conducted by SEBI;
(f) fails to resolve the complaints of investors or fails to give a satisfactory reply to SEBI in this behalf,