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of <h1>SEBI Amends AIF Regulations: Pro-Rata, Pari-Passu Rights Updated for Investor Equality and Disclosure Requirements.</h1> The Securities and Exchange Board of India (SEBI) has amended the Alternative Investment Funds (AIF) Regulations to address pro-rata and pari-passu rights of investors. Pro-rata rights require investors' rights to match their commitment unless excused or defaulted. Exceptions include sharing returns with managers or sponsors. Certain entities can accept lesser returns or greater losses. Existing AIFs with priority distribution models cannot accept new commitments unless exempt. Pari-passu rights ensure equal treatment but allow differential rights for select investors without affecting others. Large Value Funds can offer differential rights with proper disclosure. Compliance and reporting requirements are specified for AIFs.
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