Under the SEBI (Alternative Investment Funds) Regulations, 2012, certain entities are specifically excluded from the purview of AIF Regulations. These entities are regulated under separate frameworks and therefore do not require AIF registration.

Here are the main exemptions:

✅ 1. Mutual Funds

Mutual Funds are governed by the SEBI (Mutual Funds) Regulations, 1996 and are not treated as AIFs.

✅ 2. Collective Investment Schemes (CIS)

CIS are regulated under Section 11AA of the SEBI Act, 1992 and relevant SEBI regulations, hence excluded from AIF norms.

✅ 3. Family Trusts

Trusts set up for the benefit of “relatives” as defined under the Companies Act, 2013 are exempted.

✅ 4. Employee Welfare Trusts

Employee Stock Option Plans (ESOP) trusts and other employee benefit trusts are not considered AIFs.

✅ 5. Holding Companies

Holding companies as defined under the Companies Act, 2013 are outside the scope of AIF Regulations.

✅ 6. Special Purpose Vehicles (SPVs)

SPVs created for specific business or financing purposes are not automatically treated as AIFs unless they pool funds as an investment vehicle.

✅ 7. Securitization or Reconstruction Companies

Entities registered under SARFAESI Act are regulated separately and are exempt.

✅ 8. Funds Managed by Securitization Companies

Such funds are governed by RBI regulations, not AIF Regulations.