Explanation:

Let’s break down the options:

- Suresh Prabhu is a well-known politician and former Railway Minister, but he wasn’t involved with the SEBI panel on Alternative Investment Funds.

- Narayan Murthy is the founder of Infosys and super respected in tech circles. But he didn’t head this SEBI panel, even though people sometimes think so because of his regulatory roles elsewhere.

- Arvind Mayaram chaired the SEBI committee on Alternative Investment Funds. He’s a senior bureaucrat, known for his work at the Ministry of Finance.

- Arvind Subramanian was the Chief Economic Adviser to the Government of India, but that’s a different role.

- "None of the above" doesn’t fit, because option 3 is correct.

So, the right pick here is Arvind Mayaram. If you see his name pop up in questions about SEBI and funds, it’s usually a safe bet.