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of <h1>Angel Fund Managers Must Keep 0.5% Interest, Disclose Offers, Allocate Pro Rata and Get Investor Approvals</h1> The manager or sponsor of an angel fund must retain a continuing interest in each fund investment of at least 0.5% of the amount invested or fifty thousand rupees, not via waiver of fees. The manager may accept an investor's contribution for a specific investee only after obtaining that investor's approval, must offer and disclose each investment opportunity to all angel investors, and must set out an allocation methodology in the placement memorandum and follow it when accepting contributions. Investors' rights and distributions are pro rata to their contribution, and any offer involving an existing investee or related party must be disclosed when seeking approval.
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