Whether investment by Angel Funds are restricted by any specific guidelines. Discuss.

Yes, investment by Angel funds are governed by the SEBI (Alternative Investment Funds) Regulations, 2012. Angel funds shall invest in venture capital undertakings which: complies with the criteria regarding the age of the venture capital undertaking/ start-ups issued by Ministry of Commerce and Industry, Government of India or such other policy made in this regard which may be in force; have a turnover of less than twenty five crore rupees; are not promoted or sponsored by or related to an industrial group whose group turnover exceeds three hundred crore rupees. For the purpose of this clause, "industrial group" shall include a group of body corporates with the same promoter(s)/promoter group, a parent company and its subsidiaries, a group of body corporates in which the same person/group of persons exercise control, and a group of body corporates comprised of associates/subsidiaries/holding companies. For the purpose of this clause, "group turnover" shall mean combined total revenue of the industrial group. are not companies with family connection with any of the angel investors who are investing in the company. Further guidelines: Investment by an angel fund in any venture capital undertaking shall not be less than twenty five lakh rupees and shall not exceed ten crores rupees. Investment by an angel fund in the venture capital undertaking shall be locked-in for a period of one year. Angel Funds shall not invest in associates. Angel funds shall not invest more than twenty-five per cent of the total investments under all its schemes in one venture capital undertaking, the compliance of which shall be ensured by the Angel Fund at the end of its tenure. An angel fund may also invest in the securities of companies incorporated outside India subject to such conditions or guidelines that may be stipulated or issued by the Reserve Bank of India and SEBI from time to time.