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of <h1>Securities Regulation 12: AIFs Must File Placement Memorandum 30 Days Before Launch, Exemptions for Large Value Funds</h1> Regulation 12 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 outlines the conditions and restrictions for launching schemes by Alternative Investment Funds (AIFs). AIFs must file a placement memorandum through a merchant banker with the Board at least 30 days before the scheme launch, along with the specified fees, except for the first scheme. The Board may provide feedback, which must be incorporated before the launch. Requirements in sub-regulations (2) and (3) do not apply to large value funds for accredited investors. Failure to declare the first close as specified necessitates a fresh application with the requisite fee.
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