A common legal form for AIFs in India is through the trust structure. Under this arrangement, the AIF is established as a trust governed by the Indian Trusts Act, of 1882. The trust deed outlines the rights and obligations of the trustees, fund managers, and investors, providing a robust legal framework for fund operations. An AIF under the SEBI (Alternative Investment Funds) Regulations, 2012 can be established or incorporated in the form of a trust, a company, a limited liability partnership, or a body corporate. Most of the AIFs registered with SEBI are in trust form.