Which authority regulates the Trade Receivables Discounting System (TReDS) platform in India?

Which of the following statements is/are correct? 1. Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the open offer trigger is set at 25% acquisition. 2. The Insurance Regulatory and Development Authority of India (IRDAI) prescribes a minimum solvency ratio of 150% for insurance companies. 3. An entity establishing a mutual fund (Sponsor) in India is required to have a minimum of five years of experience in financial services and a positive net worth.

With reference to hedge funds in India, consider the following statements: I. Under the SEBI regulatory framework, hedge-fund-type vehicles are ordinarily accommodated within the Alternative Investment Fund structure rather than treated as wholly unregulated investment partnerships. II. Such funds are associated with the category of AIFs that may employ diverse or complex trading strategies and may use leverage. III. Every Alternative Investment Fund that uses leverage is necessarily a hedge fund. Which of the statements given above are correct?