SEBI on January 8, 2021 amended the SEBI (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations’) for providing certain relaxations to the provisions requiring the investment committee to be equally responsible as the manager for investment decisions, and for the investment committee and the manager to jointly and severally ensure that the investments are in compliance with the AIF Regulations, fund documents and other applicable law. Pursuant to the amendment, these provisions are not applicable to an alternative investment fund (‘AIF’) in which each investor other than the manager, sponsor, employees or directors of the AIF or employees or directors of the manager, has committed to invest not less than Rs 70 crores (approx. US$ 9.28 million) and has furnished a waiver to the AIF in respect of compliance with these provisions. SEBI has also prescribed the format for the aforesaid waiver through its Circular dated January 8, 2021.