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This notification has come into effect from 03.08.2021. In Regulation 4, clause (c) shall be substituted with the following, namely, – “(c) non-resident Indians or overseas citizens of India or resident Indian individuals may be constituents of the applicant provided they meet the conditions specified by the Board from time to time: Provided that resident Indian other than individuals, may also be constituents of the applicant, subject to the following conditions, namely – such resident Indian, other than individuals, is an eligible fund manager of the applicant, as provided under sub-section (4) of section 9A of the Income Tax Act, 1961 (43 of 1961); and ii. the applicant is an eligible investment fund as provided under sub-section (3) of section 9A of the Income Tax Act, 1961 (43 of 1961) which has been granted approval under the Income Tax Rules, 1962;”