Yes an AIF can change its category pursuant to registration but only those AIFs can change who have not made any investments under the category in which they are registered. If an AIF has received commitments or raised funds before the application for change in category is made, then the AIF is required to send letters/emails to all the investors giving them the option to withdraw their commitments or funds raised without any penalties or charges. If any fee was collected from the investors seeking to withdraw commitments/ funds then the same shall be returned to them. Partial withdrawal is allowed only if it satisfies the minimum investment amount specified under the SEBI (AIF) Regulations, 2012. No investments should be made by the AIF till the deployment of funds takes place as per the scheme other than liquid funds and bank deposits, till the approval for change in category is granted by SEBI.