The circular permits existing Alternative Investment Funds (AIFs) or schemes to convert to Accredited Investor (AI)-only or Large Value Funds (LVFs) schemes with investor consent, subject to reporting requirements to SEBI and depositories within 15 days of conversion. AI status of an investor at onboarding is retained throughout the scheme tenure. Maximum permissible extension for AI-only schemes is five years, including prior tenure. LVFs are exempted from following the standard placement memorandum template and annual audit requirements without specific investor waivers.