Asset segregation and ring-fencing required to keep each AIF scheme's assets, liabilities and accounts separate. The amendment mandates that AIFs declare the first close of a scheme in a Board-specified manner and, failing that, must reapply and pay the scheme fee; the Board may prescribe the method for calculating and modifying the tenure of close-ended schemes; notice provisions are expanded to cover Sponsor or Manager changes with possible fees and conditions; and Managers together with trustees or governing persons must segregate and ring-fence each scheme's assets, liabilities, bank accounts and securities accounts.