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<h1>SEBI's Third Amendment to Alternative Investment Funds Regulations Defines Social Impact Funds and Introduces Social Units and Stock Exchange.</h1> The Securities and Exchange Board of India (SEBI) introduced the Third Amendment to the Alternative Investment Funds Regulations, 2022, effective from its publication date. Key changes include the introduction of definitions for 'not for profit organization,' 'social enterprise,' 'social impact fund,' 'social stock exchange,' and 'social units.' The term 'social venture funds' is replaced with 'social impact funds,' and provisions are made for social impact funds to issue social units and invest in not-for-profit organizations listed on a social stock exchange. The amendment also adjusts investment thresholds and fund corpus requirements for social impact funds.