The noticees failed to comply with the AIF Regulations and circulars issued by the regulator. This non-compliance highlights significant issues regarding their adherence to established guidelines. The regulator’s expectations were not met, indicating a lack of diligence or oversight on the part of the noticees. This situation underscores the importance of following regulatory frameworks to maintain compliance and avoid potential repercussions. The failures could lead to further scrutiny or actions from the regulatory body, emphasizing the necessity for organizations to prioritize adherence to regulatory standards.