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<h1>SEBI Updates AIF Regulations: Introduces Angel Funds, Defines Criteria for Angel Investors, and Sets Investment Limits.</h1> The Securities and Exchange Board of India (SEBI) issued amendments to the Alternative Investment Funds Regulations, 2012, effective from September 16, 2013. Key changes include the introduction of 'angel funds' as a sub-category of Venture Capital Funds, with specific criteria for angel investors. Existing funds not accepting new commitments are exempt from registration, subject to activity reporting. The term 'corpus' is replaced with 'investible funds,' and angel funds must have a minimum corpus of ten crore rupees. Angel funds can invest in early-stage companies with turnover below twenty-five crore rupees, with restrictions on investments in related companies and associates.