Section 12 in Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
12. Schemes.
(1)The Alternative Investment Fund may launch schemes subject to filing of placement memorandum with the Board.(2)Such placement memorandum shall be filed with the Board atleast thirty days prior to launch of scheme along with the fees as specified in the Second Schedule:Provided that payment of scheme fees shall not apply in case of launch of first scheme by the Alternative Investment Fund.(3)The Board may communicate its comments, if any, to the applicant prior to launch of the scheme and the applicant shall incorporate the comments in placement memorandum prior to launch of scheme.
