On April 3 the Securities and Exchange Board of India (Sebi) approved
new rules for alternative investment funds (AIFs), which regulate
India's venture capital, private equity and hedge fund industry.
The move was widely-welcomed. After all, the new rules take into
account several suggestions made following the August 2011 publication
of draft AIF regulation and a concept paper on the proposed changes.
Most notably, amendments have been made to broaden classification of
AIFs into three groups, in response to criticism that the draft...