Write short notes on Qualified Institutional Buyer.

Qualified Institutional Buyer (QIB) means: a mutual fund, venture capital fund, alternative investment fund and foreign venture capital investor registered with the SEBI; a foreign portfolio investor other than individuals, corporate bodies and family offices; a public financial institution; a scheduled commercial bank; a multilateral and bilateral development financial institution; a state industrial development corporation; an insurance company registered with the Insurance Regulatory and Development Authority of India; a provident fund with minimum corpus of twenty five crore rupees; a pension fund with minimum corpus of twenty five crore rupees; National Investment Fund set up by resolution no. F. No. 2/3/2005-DDII dated November 23, 2005 of the Government of India published in the Gazette of India; insurance funds set up and managed by army, navy or air force of the Union of India, and insurance funds set up and managed by the Department of Posts, India; and Systemically important non-banking financial companies.