Regulation 17 - Contents of placement memorandum. - Securities And Exchange Board of India (Venture Capital Funds) Regulations, 1996

Contents of placement memorandum. 17. (1) The placement memorandum 1 [or the subscription agreement with investors] referred to in sub-regulation (1) of regulation 16 shall contain the following, namely:- (a) details of the trustees or trustee company 2 [and the directors or chief executives] of the venture capital fund; 3 [(b) (i) the proposed corpus of the fund and the minimum amount to be raised for the fund to be operational; (ii) the minimum amount to be raised for each scheme and the provision for refund of monies to investor in the event of non-receipt of minimum amount; (c) details of entitlements on the 4 [* * *] units of venture capital fund for which subscription is being sought;] (d) tax implications that are likely to apply to investors; (e) manner of subscription to the units 5 [ 6 [* * *] of the venture capital fund]; (f) the period of maturity, if any, of the 7 [fund]; (g) the manner, if any, in which the 8 [fund shall] be wound up; (h) the manner in which the benefits accruing to investors in the units of the trust are to be distributed; 9 [(i)details of the fund manager or asset management company if any, and the fees to be paid to such manager;] 10 [(j)the details about performance of the fund, if any, managed by the Fund Manager; (k) investment strategy of the fund; (l) any other information specified by the Board.] (2) 11 [* * *] ------------------ Notes: 1. Inserted by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. 2. Inserted by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. 3. Substituted, by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. Prior to the substitution, sub-clause (b) read as under: details of entitlement on the units of the trust for which subscription is being sought; 4. Words securities including omitted by the SEBI (Venture Capital Funds) (Second Amendment) Regulations, 2000, w.e.f. 30-12-2000. 5. Substituted for of the trust by the by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. 6. Omitted the words or securities by the SEBI (Venture Capital Funds) (Second Amendment) Regulations, 2000, w.e.f. 30-12-2000. 7. Substituted for scheme by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. 8. Substituted for scheme is to by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. 9. Substituted by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000.. Prior to the substitution, sub-clause (i) read as under: details of the asset management company, if any, and of fees to be paid to be paid to such a company. 10. Inserted, by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. 11. Omitted, ibid. Prior to the omission, sub-regulation (2) read as under: (2) The placement memorandum referred to in sub-regulation (2) of regulation 16 shall contain the following, namely:- (a) details of the securities that are being offered; (b) details of investments that are proposed to be made; (c) details of directors of the company; (d) tax implications that are likely to apply to investors; (e) manner of subscription to the securities that are to be issued; (f) manner in which the benefits accruing to investors in the securities are to be distributed; and (g) details of the asset management company, if any, and of fees to be paid to such a company