Ensuring Regulatory Compliance and Fiduciary Standards
To ensure alignment with regulatory requirements and fiduciary standards, the following eligibility conditions shall apply:
AIF Category
The applicant fund must be registered with SEBI as a Category I or Category II Alternative Investment Fund (AIF).
Compliance with PFRDA Act, 2013
The AIF shall not invest in securities of companies or funds incorporated or operated outside India in violation of Section 25 of the Pension Fund Regulatory and Development Authority Act, 2013.
Minimum Target Corpus
The target corpus of the AIF should not be less than ₹100 Crore (or such minimum amount as may be prescribed from time to time).
Creditworthiness of Key Members
The CIBIL score of all Key Members of the fund should be above 700.
Legal Eligibility of Key Members
All Key Members must be legally eligible to be appointed as a Director or to hold a managerial position under applicable Indian laws.
Regulatory and Legal Clean Record
No Key Member should have any pending proceedings, investigations, or cases under Indian laws relating to money laundering, including under the Prevention of Money Laundering Act, 2002 (PMLA).