Securities and Exchange Board of India (Venture Capital Funds) (Amendment) Regulations, 1999. - S.O. No.1118(E) - SEBI/LE/20248/99 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 17th November, 1999 S.O.1118(E).- In exercise of powers conferred by sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations further to amend the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, namely: 1. (i) These regulations shall be called the Securities and Exchange Board of India (Venture Capital Funds) (Amendment) Regulations, 1999. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the regulations), - (a) In regulation 2, clause (k), the words or under an Act of Parliament or State Legislation shall be inserted after the words Indian Trusts Act, 1882 (2 of 82) . (b) in regulation 4, a new sub-regulation (c) shall be inserted as under, namely:- (c) if the application is made by a body corporate (i) it is set up or established under the laws of the Central or State Legislature, (ii) the applicant is permitted to carry on the activities of a venture capital fund, (iii) the applicant is a fit and proper person. (iv) the directors or the trustees, as the case may be, of such body corporate have not been convicted of any offence involving moral turpitude or of any economic offence, (v) The directors or the trustees, as the case may be, of such body corporate, if any, is not involved in any litigation connected with the securities market which may have an adverse bearing on the business of the applicant. (c) Existing sub-clause (c) of regulation 4 shall be renumbered as sub-clause (d). [F No. SEBI/LE/20248/99] D.R. MEHTA, Chairman Foot Note : The principal regulations Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 was published in Official Gazette of India on 4.12.1996 vide S.O. No. 850 (E).