The Securities and Exchange Board of India (Sebi)—recognising the need for long-term, cost-effective funding source from the private sector, capital markets or private pool of capital for start-ups, small & medium businesses and infrastructure—notified the alternative investment fund (AIF) regulations in May 2012 after extensive stakeholder consultation. As of May 2014, Sebi had granted registrations to over 100 AIFs and, until March 2014, AIFs had raised net commitments totalling R13,465 crore.

Source - http://www.financialexpress.com