In the Securities and Exchange Board of India Act, 1992, in section 12, after sub-section{JB), the following sub-section shall be inserted with effect from the 1st day of April, 2021, namely:-"(IC) No person shall sponsor or cause to be sponsored or carry on or cause to be carried on the activity of an alternative investment fund or a business trust as defined in clause ( J3A) of section 2 of the Income-tax Act, 1961, unless a certificate of registration is granted by the Board in accordance with the regulations made under this Act.".PART IX-AMENDMENTTO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993
