The Securities and Exchange Board of India (SEBI) has proposed GARUDA, short for Green-Channel: AIF Rollout Upon Document Acknowledgement, as a fast-track route for Alternative Investment Funds (AIFs). Under the plan, the time taken to launch an AIF scheme would fall from 30 days to 10 working days after the Placement Memorandum (PPM) is filed. Angel Funds and schemes open only to Accredited Investors may be allowed to launch immediately once the PPM is filed directly with SEBI. AIFs are privately pooled investment funds governed by the SEBI (Alternative Investment Funds) Regulations, 2012.