(4)The eligible fund manager, in respect of an eligible investment fund, means any person who is engaged in the activity of fund management and fulfils the following conditions, namely:—(a)the person is not an employee of the eligible investment fund or a connected person of the fund;(b)the person is registered as a fund manager or an investment advisor in accordance with the specified regulations;(c)the person is acting in the ordinary course of his business as a fund manager;(d)the person along with his connected persons shall not be entitled, directly or indirectly, to more than twenty per cent of the profits accruing or arising to the eligible investment fund from the transactions carried out by the fund through the fund manager.
