Declaration of First Close: AIFs must declare First Close, meet minimum corpus and preserve sponsor/manager commitments. AIF schemes must declare First Close within the prescribed period from SEBI communication; at First Close the scheme corpus must meet the category minimum and sponsor/manager commitments to meet that minimum cannot be reduced, withdrawn or transferred thereafter. Tenure of close-ended schemes is calculated from First Close; tenure may be modified only before First Close and investors may withdraw commitments prior to First Close. Changes in sponsor/manager or change in control require prior SEBI approval and payment of a fee equivalent to the registration fee, subject to limited exemptions and timelines.