SEBI’s circular dated 10th February 2012 modified the SEBI (Portfolio managers) Regulations 1993 (“PM Regulations”) to disallow pooling of investor funds. This was a fundamental change brought about in the PM regulations which paved the way for SEBI (Alternative Investment Funds) Regulations 2012 (“AIF Regulations”). In this article we attempt to highlight a few salient differences between PM Regulations and AIF Regulations.
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