Briefly explain the provisions of Regulation 10 and Regulation 16 as per the amendment.

Regulation 10 of SEBI (Alternative Investment Funds) Regulations, 2012 , deals with Investment in Alternative Investment Fund which provides that the Alternative Investment Fund may raise funds from any investor whether Indian, foreign or non-resident Indians by way of issue of units. However, a social impact fund or schemes of a social impact fund may also issue social units. Each scheme of the Alternative Investment Fund shall have corpus of at least ₹ 20 crore. Provided that each scheme of the social impact fund shall have a corpus of at least ₹ 5 crore. The Alternative Investment Fund shall not accept from an investor, an investment of value less than one crore rupees. Minimum value of Investment for employee or directors of the Alternative Investment Fund or employees or directors of the Manager shall be five lakh rupees. This condition is not applicable to accredited investor Provided further that in case of a social impact fund which invests only in securities of not for profit organizations registered or listed on a social stock exchange, the minimum value of investment by an individual investor shall be two lakh rupees. [Proviso to 10(a) and 10(b), 10(c) was inserted vide SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022]. Regulation 16 of SEBI (Alternative Investment Funds) Regulations, 2012 deals with the conditions for Category I Alternative Investment Funds. Regulation 16 (4) (a) has been substituted vide SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022 with the following, viz. (a) at least seventy-five percent of the investable funds shall be invested in unlisted securities or partnership interest of social ventures or in units of social ventures or in securities of social enterprises. Provided that an existing social impact fund may invest the remaining investable funds in securities of not-for-profit organizations registered or listed on a social stock exchange with the prior consent of at least 75% of the investors by value of their investment. The amount of grant that may be accepted by the fund from any person shall not be less than ₹ 10 Lakh. Further, it was inserted that a social impact fund or schemes of a social impact fund launched exclusively for a not for profit organization registered or listed on a social stock exchange, shall be permitted to deploy or invest 100% of the investable funds in the securities of not for profit organizations registered or listed on a social stock exchange.