TAILIEUCHUNG - SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012

We focus on the dynamics of active management skills, and how an investor might optimally choose active funds during varying business conditions. Building on studies such as Avramov and Wermers (2006) and Moskowitz (2000), we allow for the possibility of time-varying mutual fund alphas and betas among active managers in Europe. Following Christopherson, et al. (1998) and Ferson and Schadt (1996), we model such time-variation using a publicly available set of conditioning state variables. Thus, another of the objectives of our study is to explore which, if any, macroeconomic state variables are helpful in identifying funds with superior future skills in selecting European equities | THE GAZETTE OF INDIA EXTRAORDINARY PART - III - SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI MAY 21 2012 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai the 21st May 2012 SECURITIES AND EXCHANGE BOARD OF INDIA ALTERNATIVE INVESTMENT FUNDS REGULATIONS 2012 LAD-NRO GN 2012-13 04 11262. In exercise of the powers conferred by sub-section 1 of Section 30 read with sub-section 1 of Section 11 clause ba and clause c of sub-section 2 of Section 11 and sub-section 1 and 1B of Section 12 of the Securities and Exchange Board of India Act 1992 15 of 1992 the Securities and Exchange Board of India hereby makes the following regulations namely CHAPTER - I PRELIMINARY Short title and commencement. 1. 1 These regulations shall be called the Securities and Exchange Board of India Alternative Investment Funds Regulations 2012. 2 These regulations shall come into force on the date of their notification in the Official Gazette. Definitions. 2. 1 In these regulations unless the context otherwise requires the terms defined herein shall bear the meanings assigned to them below and their cognate expressions and variations shall be construed accordingly a Act means the Securities and Exchange Board of India Act 1992 15 of 1992 b Alternative Investment Fund means any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which - i is a privately pooled investment vehicle which collects funds from investors whether Indian or foreign for investing it in accordance with a defined investment policy for the benefit of its investors and ii is not covered under the Securities and Exchange Board of India Mutual Funds Regulations 1996 Securities and Exchange Board of India Collective Investment Schemes Regulations 1999 or any other regulations of the Board to regulate fund management activities Provided that the following shall not be considered as Alternative Investment Fund for the purpose of these regulations -

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