Section 13 in Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
13. Tenure.
(1)Category I Alternative Investment Fund and Category II Alternative Investment Fund shall be close ended and the tenure of fund or scheme shall be determined at the time of application subject to sub-regulation (2) of this regulation.(2)Category I and II Alternative Investment Fund or schemes launched by such funds shall have a minimum tenure of three years.(3)Category III Alternative Investment Fund may be open ended or close ended.(4)Extension of the tenure of the close ended Alternative Investment Fund may be permitted up to two years subject to approval of two-thirds of the unit holders by value of their investment in the Alternative Investment Fund.(5)In the absence of consent of unit holders, the Alternative Investment Fund shall fully liquidate within one year following expiration of the fund tenure or extended tenure.
