Mutual Fund Lite eligibility requires alternative routes with net worth, experience and fit and proper criteria and trustees, custodian, AMC appointments. Registration as a Mutual Fund Lite requires meeting a sound track record through one of two routes: Route 1 emphasizes sponsor profitability and five year net worth continuity and MF Lite AMC net worth thresholds; Route 2 specifies senior management experience, sponsor capital infusion, initial shareholding lock in and AMC net worth tied to AUM. Sponsors must have positive liquid net worth for acquisitions, contribute at least 40% of AMC net worth, and satisfy fit and proper criteria; appointments of trustees, an AMC and a custodian are required and additional Board conditions apply.