Sebi reports more than 40 cases, about ₹30,000 crore (around 3% of a ₹9.5 lakh crore industry), where AIFs appear to have been structured to facilitate circumvention of regulations. Sebi identifies the critical problem - 'most of the identified cases of circumvention had a single investor, or investors of the same group, i.e., narrow and connected investors, having majority contribution in or exercising control over the AIF'.