Valuation obligations require independent valuers and transparent NAV calculation; manager must ensure fair valuation and report deviations. Alternative Investment Funds must disclose their valuation procedure. Category I and II funds shall obtain independent valuation at least semi annually, subject to investor-approved extension. Category III funds must maintain NAV calculation independent of fund management, disclose NAV at prescribed intervals, and use an independent valuer for unlisted and listed debt securities for NAV. The Manager must appoint an independent valuer as per Board criteria, ensure valuations follow Board-specified methods, and is responsible for true and fair valuation, documenting and reporting any deviations to trustees or governing persons and investors.