Define Alternative Investment Fund (AIF). Name the entities which are not to be considered as AIF.

Definition of Alternative Investment Fund (AIF) As per SEBI (Alternative Investment Funds) Regulations, 2012, an '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: 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 Is not covered under the SEBI (Mutual Funds) Regulations, 1996, SEBI (Collective Investment Schemes) Regulations, 1999 or any other regulations of the Board to regulate fund management activities. Essentially, AIFs are private funds not coming under the jurisdiction of other specific regulatory agencies in India like SEBI (Mutual Funds) or SEBI (CIS). Entities Not Considered as Alternative Investment Fund (AIF) The following entities shall not be considered as an Alternative Investment Fund for the purpose of SEBI (Alternative Investment Funds) Regulations, 2012: Family trusts set up for the benefit of relatives as defined under the Companies Act, 2013. ESOP Trusts set up under the SEBI (Share Based Employee Benefits) Regulations or as permitted under the Companies Act, 2013. Employee welfare trusts or gratuity trusts set up for the benefit of employees. Holding companies within the meaning of Section 2(46) of the Companies Act, 2013. Other special purpose vehicles not established by fund managers, including securitization trusts, regulated under a specific regulatory framework. Funds managed by securitisation company or reconstruction company which is registered with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Any such pool of funds which is directly regulated by any other regulator in India.