Overseas Investment by Venture Capital Funds (VCFs)

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ith the Securities and Exchange Board of India (SEBI), has decided to permit Indian Venture Capital Funds (VCFs), registered with SEBI, to invest in equity and equity-linked instruments of off-shore venture capital undertakings, subject to an overall limit of USD 500 million and SEBI regulations issued in this regard. SEBI have accordingly notified the enabling Venture Capital Funds (Amendment) Re .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d. 5. The directions contained in this circular has been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions/approval, if any, required under any other law. Yours faithfully, (Salim Gangadharan) Chief General Manager Annex [Annex to A. P. (DIR Series) Circular No. dated April , 2007] THE .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Official Gazette. 2. In the Securities and Exchange Board of India (Venture Capital Funds) Regulation, 1996: - (i) In regulation 2, - after clause (m), clause (ma) be inserted- (ma) "a foreign company" means a foreign company within the meaning of section 591 of the Companies Act, 1956. (ii) In regulation 12, after clause (b), the following clause, shall be inserted, namely (ba) venture .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X