Liquidation scheme: AIFs may launch filed schemes with fixed tenure, no fresh commitments or new investments. Alternative Investment Funds may launch liquidation schemes only after filing a placement memorandum with the Board through a merchant banker and paying prescribed fees. Such schemes are exempt from specified regulatory provisions, must have a tenure fixed at filing that cannot be extended, must not accept fresh commitments or make new investments, and unsold assets at tenure end are to be handled as the Board directs. No new liquidation schemes may be launched after the amendment notification, though pre-existing schemes remain governed until wound up.