SEBI has, by way of a Consultation Paper dated August 8, 2025, proposed framework for ‘Accredited Investors only Funds’ with a light touch regulatory regime. The key exemptions thereunder are similar to those available, and proposed to be made available to, Large Value Funds (‘LVFs’), which are a special category of Alternative Investment Funds (‘AIFs’). Additionally, trustee responsibilities in such a fund will rest solely with the manager. Further, SEBI has proposed relaxations for LVFs including reducing minimum investor commitment from INR 700 million (approx. USD 7.9 million) to INR 250 million (approx. USD 2.8 million), easing administrative requirements, removing the cap of 1000 investors, and permitting existing AIFs to convert to LVFs if all investors are accredited and meet the new thresholds. SEBI, in its 211^th Board Meeting held on September 12, 2025, has approved the proposals under the aforementioned Consultation Paper.