Key takeaways 

• On August 1, 2011, the Securities and Exchange Board of India released its proposals for a comprehensive framework for the regulation of alternative investment funds (the "AIF Regulations"). 
• The AIF Regulations are a significant step towards comprehensive regulation of the Indian alternative investment funds market. 
• The objective of the AIF Regulations is to create an overarching regulatory umbrella setting out certain conditions that apply to all alternative investment funds and, in addition, a specific regime for certain identified investment strategies. 
• The AIF Regulations do not appear to affect funds organised outside India without any Indian investors.