Markets regulator Sebi on Thursday released an operational framework for a green channel mechanism, GARUDA, to simplify and speed up the launch of schemes by Alternative Investment Funds (AIFs). The operational framework for the ‘Green-Channel: AIF Rollout Upon Document Acknowl-edgement’ (GARUDA) mechanism followed amendments to the Sebi (Alternative Investment Funds) Regulations, 2012, notified earlier this month. Under the revised framework, AIFs launching regular schemes can proceed with the launch 10 working days after filing the Placement Memorandum (PPM) with Sebi through a registered merchant banker, unless otherwise advised by the regulator, Sebi said in its circular. Such funds have been exempted from fil-ing their PPM through a merchant banker and can launch their schemes immediately upon filing the PPM with Sebi. Merchant bankers appointed for filing PPMs cannot be associates of the AIF, its sponsor, man-ager or trustee.