The PPM is required to confirm that the terms of the letter of sending must not have a negative impact on the investor`s economic or other rights and that nothing in the note would alter the rights of other investors they have as part of their respective contribution agreements. The MPP is also required to provide an indicative list of points for which different rights cannot be offered, including “preferred exit from the fund/system,” “contribution to compensation,” “return,” “withdrawal” (with the exception of the “apologies and exclusions” provision). In addition, since the units are issued for all the capital contributions received by the contributor, the administrator will require an accounting agreement between the issued units and the bufferable value of the units. b) Contribution agreement: an investor signs a fund by implementing a contribution agreement that defines the capital commitment, rights and obligations of the investor, including guarantees and guarantees certifying that he is qualified for the investment. In addition, with regard to the points outlined in the presentation of the PPM, the above requirement first seems to limit the flexibility of the hedge funds needed to follow the proposal in order to negotiate contribution agreements with individual investors. However, a closer look at the model required for MPPs would show that there are some areas where such flexibility still exists. It should be confirmed that the terms of the letter do not have a negative impact on the investor`s economic or other rights, and nothing in the same letter would alter the rights of other investors available to them under their respective contribution agreements. As a general rule, hedge funds submit their PPMs to SEBI before a system is put in place to allow SEBI to comment. Hedge funds then launch their programs, invite funds and enter into separate contribution agreements with investors. There may be provisions in contribution agreements that can go beyond what is indicated in the MPP without opposing a provision of MPPs. It should be noted that SEBI, in a 2015 circular, stated that managers must ensure that they carry out all AIF activities in accordance with the ppm and that they should respect fairness in all their activities.