Securities and Exchange Board of India recently amended the Alternative Investment Fund (AIF) Regulations on November 18, 2022, aiming to standardise investor rights and ensure equitable treatment across AIFs. The new framework mandates that each investor in an AIF is entitled to rights pro rata to its capital commitment for each investment and distribution, subject to certain exceptions. The amendment further states that existing AIFs that do not comply with this requirement will be governed by rules that SEBI is expected to prescribe soon.