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of <h1>Regulation 20 tightens SEBI governance, compliance and investor protection duties for Alternative Investment Funds and their managers</h1> Regulation 20 imposes comprehensive governance, compliance, and transparency duties on Alternative Investment Funds. Funds, their managers, trustees, directors, key management personnel, and investment committee members must follow SEBI's Code of Conduct, maintain and periodically review detailed policies ensuring all decisions comply with regulations, fund documents, and law, and segregate and ring-fence scheme assets and liabilities. Managers bear primary responsibility for fund decisions, must appoint an eligible custodian and a qualified compliance officer, and ensure prompt reporting of material changes, non-compliance, and annual audits. Investment committee composition and external member appointment are regulated, with specific waivers for certain high-value and accredited investor funds. Investors generally enjoy pro-rata and pari passu rights, subject to SEBI-specified differential rights and Investor Charter compliance.
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