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SEBI has issued an informal guidance in response to certain queries with respect to Angel Funds under the SEBI (Alternative Investment Funds) Regulations, 2012

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The various schemes of an AngelFund are independent and investors would have to approve to be part of each scheme and consequently, investors in each scheme are ring-fenced from activities of other schemes of such Fund. Regulatory limitations restricting investors from participating in a certain scheme would not impact their approval and participation in another permitted scheme due to this independence.

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