Regulation 11 - Minimum investment in a Venture Capital Fund. - Securities And Exchange Board of India (Venture Capital Funds) Regulations, 1996

CHAPTER III INVESTMENT CONDITIONS AND RESTRICTIONS Minimum investment in a Venture Capital Fund. 11. (1) A venture capital fund may raise monies from any investor whether Indian, foreign or non-resident Indian 1 [by way of issue of units]. (2) No venture capital fund set up as a company or any scheme of a venture capital fund set up as a trust shall accept any investment from any investor which is less than five lakh rupees: Provided that nothing contained in sub-regulation (2) shall apply to investors who are,- (a) employees or the principal officer or directors of the venture capital fund, or directors of the trustee company or trustees where the venture capital fund has been established as a trust; 2 [(b) the employees of the fund manager or asset management company; or] (c) 3 [***] 4 [(3) Each scheme launched or fund set up by a venture capital fund shall have firm commitment from the investors for contribution of an amount of at least Rupees five crores before the start of operations by the venture capital fund.] -------------- Notes: 1. Inserted by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. 2. Substituted, ibid. Prior to the substitution, sub-clause (b) read as under: (b) non resident Indians; or 3. Omitted, ibid. Prior to the omission, sub-clause (c) read as under: (c) persons or institutions of foreign origin . 4. Inserted, ibid .