The amendments introduce a new category, “Accredited Investors only fund,” enabling funds to operate exclusively with accredited investors, with provisions for pre-existing schemes to convert subject to SEBI specified conditions. Multiple exemptions have been introduced for accredited only funds, including exclusion of accredited investors from investor count computations and relaxation from certain regulatory requirements under Regulations 4, 10, 13, and 20. Moreover, the responsibilities ordinarily assigned to trustees may now be undertaken by the fund manager in case of accredited only funds.