Specified fund

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....h has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated-- (I) under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992; (II) under the International Financial Services Centres Authority (Fund Mana....

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.... holder or holders do not exceed 5% of the total units issued and shall fulfil such other conditions as may be prescribed; or (ii) investment division of an offshore banking unit, which has been- (A) granted a certificate of registration as a Category-I foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 ....

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....er the SEBI Act, 1992 or regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022, made under the International Financial Services Centres Authority Act, 2019; (b) which has been granted a certificate as a retail scheme or an Exchange Traded Fund and satisfies the conditions laid down for such schemes or funds under the Internati....