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Pre-Requisites for AIF Setup Prerequisites for registration of AIF Registration || Legal Requirement for AIF Registration A. Charter document like MOA or Trust Deed or Partnership Deed shall have clauses pertaining to carrying on the activity as an Alternative Investment Fund B. In case of a trust or partnership firm, the respective Trust Deed or Partnership Deed shall be registered with the respective registrar in accordance with the applicable laws C. The charter document shall contain provisions prohibiting an invitation to the public to subscribe to its securities D. The Applicant, Sponsor and Manager shall be “fit and proper” as prescribed in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 E. At least one key personnel among those functioning in the key investment team of the Manager of an AIF must obtain certification by passing the NISM Series-XIX-C: Alternative Investment Fund Managers Certification Examination. F. Manager & Sponsor of an AIF shall possess the necessary infrastructure and manpower to discharge its activities G. The Applicant shall clearly describe the objectives of investment, the strategy of investment, proposed corpus of the Fund, its tenure and targeted investors. H. An AIF should have a minimum corpus of at least Rs. 20 crores (For an Angel Fund, the minimum corpus has been placed at INR 5 crores) I. The minimum amount of investment to be brought in by every investor in an Alternative Investment Fund should be INR 1 crore. However, the minimum investment by an investor is prescribed at INR 25 lakhs for Angel Fund. G. The minimum investment by an employee or director of the Manager of an Alternative Investment Fund shall be INR 25 lakhs or more. H. It is not mandatory for an employee of the Manager who is participating in the profits to make any investments in the AIF