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of <h1>SEBI Permits AIFs Category Change Pre-Investment; Requires Rs. 1 Lakh Fee, Investor Withdrawal Option if Funds Raised.</h1> The Securities and Exchange Board of India (SEBI) allows Alternative Investment Funds (AIFs) to apply for a category change only if they have not yet made investments under their registered category. AIFs must submit an application, including a fee of Rs. 1 lakh, updated documents, and a rationale for the change. If funds were raised before applying, AIFs must offer investors the option to withdraw without penalties. Until SEBI approves the change, AIFs can only invest in liquid funds or bank deposits. Upon approval, AIFs must inform investors with updated documentation. This circular aims to protect investor interests and regulate the securities market.
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