THE GAZETTE OF INDIA EXTRAORDINARY PART – – III – – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MAY 21, 2012… — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

THE GAZETTE OF INDIA EXTRAORDINARY PART – – III – – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MAY 21, 2012 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21 st May, 2012 SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 LAD -NRO/GN/2012 -13/04/11262. — In exercise of the powers conferred by sub-section (1) of Section 30 read with sub -section (1) of Section 11, clause (ba) and clause (c) of sub-section (2) of Section 11 and sub -section (1) and (1B) of Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) the Securities and Exchange Board of India hereby, makes the following regulations, namely , — CHAPTER – – I PRELIMINARY Short title and commencement. (1) These regulations shall be called the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. These regulations shall come into force on the date of their notification in the Official Gazette. Definitions. (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below, and their cognate expressions and variations shall be construed accordingly,— (a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992); 1 [(aa) "accreditation agency" means a subsidiary of a recognized stock exchange or a subsidiary of a depository or any other entity as may be specified by the Board from time to time. Explanation: For the purpose of this clause, the Board may recognize an accreditation agency subject to such conditions as may be specified; (ab) "accredited investor" means any person who is granted a certificate of accreditation by an accreditation agency who, (i) in case of an individual, Hindu Undivided Family, family trus