9911796707
TMI BlogSecurities and Exchange Board of India (Foreign Venture Capital Investors) (Amendment) Regulations, 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... following clauses shall be inserted, namely, - (aa) Bilateral Memorandum of Understanding with the Board means a bilateral Memorandum of Understanding between the Board and any authority outside India that provides for information sharing arrangement as specified under clause (ib) of sub-section (2) of section 11 of the Act; (ab) Board means the Securities and Exchange Board of India established under section 3 of the Act; b. clause (b) shall be substituted with the following clause, namely,- (b) certificate means a certificate of registration granted to a foreign venture capital investor by the designated depository participant on behalf of the Board under these regulations; c. after clause (b) and before clause (c), the following clause shall be inserted, namely,- (ba) control includes the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of shareholding or management rights or shareholders agreements or voting agreements or in any other manner; d. clause (c) shall be substituted with the following clause, namely,- (c) design ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to a designated depository participant in the Form and in the manner specified by the Government or the Board from time to time: Provided that the foreign venture capital investors who have been granted a certificate of registration before the notification of the Securities and Exchange Board of India (Foreign Venture Capital Investors) (Amendment) Regulations, 2024 shall engage a designated depository participant in the manner and subject to such conditions as may be specified by the Board. (3) The application shall be supported by the fee specified in the Second Schedule and by any documents in the manner specified by the Board from time to time. III. Regulation 4 shall be substituted with the following, namely,- Eligibility Criteria. 4. A designated depository participant shall consider an application for grant of certificate of registration as a foreign venture capital investor if the applicant satisfies all of the following conditions, namely: - (a) the applicant is an entity incorporated or established outside India or in International Financial Services Centre; (b) The applicant is a resident of the country whose securities market regulator is a signatory to the Internationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esignated depository participant, appear before them for personal representation in connection with the grant of a certificate. VI. regulation 6 shall be substituted with the following, namely,- Application to conform to the requirements. 6.(1) An application for grant of certificate of registration to act as a foreign venture capital investor, which is not complete in all respects or is false or misleading in any material particular or does not satisfy the requirements specified in these regulations shall be deemed to be deficient and liable to be rejected by the designated depository participant: Provided that before rejecting any such application, the applicant shall be given a reasonable opportunity of being heard and to remove the deficiency, within the time as specified by the designated depository participant. (2) The decision to reject the application shall be communicated by the designated depository participant to the applicant in writing indicating the grounds for rejection of the application. (3) The applicant, who is aggrieved by the decision of the designated depository participant under sub-regulation (1) may, within a period of thirty days from the date of receipt o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated bank for the purpose of operating a special non-resident rupee or foreign currency account; (2) The foreign venture capital investor shall provide necessary information sought by the designated depository participant to review the eligibility of the entity to hold the certificate of registration as a foreign venture capital investor. (3) If the foreign venture capital investor no longer satisfies the eligibility criteria under Regulation 4, the foreign venture capital investor shall inform the Board and designated depository participant in writing as soon as possible but not later than seven working days. (4) The designated depository participant shall ascertain whether the foreign venture capital investor satisfies the eligibility criteria in terms of provisions under Regulation 4, subject to conditions and in the manner specified by the Board from time to time. (5) The foreign venture capital investor which does not satisfy the criteria under Regulation 4, shall be dealt with in the manner specified by the Board from time to time. IX. regulation 9 shall be substituted with the following, namely,- Renewal of registration and surrender of certificate. 9.(1) Subject to the comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and cancellation of certificate of registration of a foreign venture capital investor, shall be dealt with in the manner as provided in Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. (6) Any foreign venture capital investor desirous of surrendering the certificate of registration may request for such surrender to the designated depository participant who shall accept the surrender of the certificate of registration after obtaining approval from the Board. (7) While accepting the surrender of registration, the designated depository participant shall impose such conditions as may be specified by the Board. X. regulation 10 shall be omitted. XI. regulation 14 shall be substituted with the following, namely,- Appointment of custodian. 14. (1) A foreign venture capital investor or a global custodian acting on behalf of the foreign venture capital investor shall enter into an agreement with a designated depository participant and a custodian, before making any investment under these regulations. (2) In addition to the obligation of a custodian under any other regulations, the custodian shall be responsible for ( a ) monitoring of investment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... activities as a foreign venture capital investor; ( g ) obtain a Permanent Account Number from the Income Tax Department; ( h ) be a fit and proper person based on the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; ( i ) undertake necessary KYC on its shareholders/investors in accordance with the rules applicable to it in the jurisdiction where it is organised; and ( j ) provide any additional information or documents including beneficiary ownership details of their clients as may be required by the designated depository participant or the Board or any other enforcement agency to ensure compliance with the Prevention of Money Laundering Act, 2002 (Act No. 15 of 2003) and the rules and regulations specified thereunder, the Financial Action Task Force standards and circulars issued from time to time by the Board. Obligations and responsibilities of designated depository participants. 15B.(1) In addition to the obligation of designated depository participants under any other regulations, the designated depository participant engaged by an applicant seeking registration as foreign venture capital investor shall: ( a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll expanded name to be mentioned as appearing in proof of identity/ address documents , the name should be provided without any abbreviations ) 2. Have you ever been known by any other name? Yes/No Is yes, please give the other name 3. Date of Incorporation/ Establishment/Formation (DD/MM/YYYY) Particulars Date (DD/MM/YYYY) a) Date of Incorporation / Establishment/Formation b) Date of Commencement of Business 4. Place and Country of Incorporation/ Establishment/ Formation: Particulars Details a) Place b) Country c) ISD Country Code 5. Legal form of the applicant and the law under which it is incorporated, established or registered: 6. Legal Entity Identifier Tax Residency Certificate details: Particulars Details a) Legal Entity Identifier (LEI), if applicable b) Tax Residency Certificate (TRC) No. c) Country of Tax Residency + Add (Add rows at b) and c) in case of Multiple Tax Residency details) 7. Address Communication Details 7.1 . Registered Address of the Applicant: Flat/ Room/ Door/ Block No. Name of Premises/Building/ village Road/ Street/Lane/ Post Office Area/ Locality/ Taluka/ Sub-Division Town/ City/ District State/Union Territory Pin Code/ Zip Code Country 7.2 . Office A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce) [Please provide any] (1) (2) (3) (4) (5) (6) (7) (8) 10.2. Does it have few persons or persons of the same family holding beneficial ownership and control? Yes /No 11. Income details Particulars Details Source of Income: Please select the most appropriate: 1) Capital Gains 2) Income from Business/ Profession 3) No Income 4) Income from other Sources 5) Income from House Property b) Code for Business / Profession Code Business/Profession Code Business profession 01 Medical Profession and Business 11 Films, TV and such other entertainment 02 Engineering 12 Information Technology 03 Architecture 13 Builders and Developers 04 Chartered Accountant/ Accountancy 14 Members of Stock Exchange, Share Brokers and Sub-Brokers 05 Interior Decoration 15 Performing Arts and Yatra 06 Technical Consultancy 16 Operation of Ships, Hovercraft, Aircrafts or Helicopters 07 Company Secretary 17 Plying Taxis, Lorries, Trucks, Buses or other Commercial Vehicles 08 Legal Practitioner and Solicitors 18 Ownership of Horses or Jockeys 09 Government Contractors 19 Cinema Halls and Other Theatres 10 Insurance Agency 20 Others c) Gross Annual Income (in INR) d) Net worth (Asset less liabilities) (in INR): as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es/No Name of the Entity Registered/ associated as SEBI Registration No. (if applicable) Period of registration 22. Whether the applicant already holds Permanent Account Number (PAN)? Yes/No If yes, please mention PAN: ------------------------ 2.3 Disciplinary History Whether there has been any instance of violation or non-adherence to the securities laws, code of ethics/conduct, code of business rules, for which the applicant or its parent/holding company or associate/or promoter/investment manager may have been subjected to criminal liability or suspended from carrying out its operations or the registration, has been revoked, temporarily or permanently or any regulatory actions that have resulted in temporary or permanent suspension of investment related operations in jurisdiction where the applicant is operating and has a bearing on obtaining FVCI registration for investing in India? Yes/No If yes, please mention details briefly in below box. For more details, enclose Annexure. Declaration and Undertaking: We_______________________________________, the applicant, in the capacity of _________________, do hereby declare that what is stated in the aforesaid application form (includ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued from time to time by the Board, RBI or any other regulators in compliance with said requirement. 3. We undertake to abide by operational instructions/ directives as may be issued by Securities and Exchange Board of India, Reserve Bank of India or any other authority from time to time under provisions of the Act or any other applicable law. 4. We authorize custodian to operate the account through Power of Attorney (PoA) and not to receive credits automatically into our account. 5. We authorize custodian to send statement of account in electronic form and we will ensure the confidentiality of the password of the email, as applicable 6. We authorize custodian to maintain appropriate house account details on depository platforms for the purpose of collection of monetary corporate benefits and any other similar activities on our behalf. B: Additional information 1. If segregated portfolio is maintained for each sub-funds or share classes/ equivalent structures of the applicant, names of such sub-funds or share classes/ equivalent structures that intend to invest in India. Sr. No. Name of sub-funds or share classes/ equivalent structures that intend to invest in India (BO declarat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the intermediate structures, if any, through which control is exercised ) Country of Incorporation / Nationality Percentage control on the applicant, if applicable Individual/Non- Individual Date: Name of Applicant: (Signature block for Applicant) Signature(s) of Authorised Person(s) PART B SECURITIES AND EXCHANGE BOARD OF INDIA (FOREIGN VENTURE CAPITAL INVESTORS) REGULATIONS, 2000 [See regulation 3(2)] CERTIFICATE OF REGISTRATION I. In exercise of the powers conferred by sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (the Act ), read with the regulations made thereunder the Board hereby grants a certificate of registration to _________________________________ as a foreign venture capital investor, subject to the conditions specified in the Act and in the regulations made thereunder. II. The Registration Number for the foreign venture capital investor is /.../.../.../.... III . The address of the foreign venture capital investor is __________________ IV . This certificate shall be valid till it is suspended, cancelled or surrendered in accordance with the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital Investors) Regulations, 2000 were subsequently amended: (a) on June 7, 2001 by the Securities and Exchange Board of India (Foreign Venture Capital Investors) (Amendment) Regulations, 2001 vide S.O. No. 501(E); (b) on September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No. 1045 (E); (c) on March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398(E); (d) on April 5, 2004 by the Securities and Exchange Board of India (Foreign Venture Capital Investors) (Amendment) Regulations, 2004 vide S.O. No. 469(E); (e) on September 4, 2006 by the Securities and Exchange Board of India (Foreign Venture Capital Investors) (Amendment) Regulations, 2006 vide S.O. 1443 (E); (f) on May 26, 2008 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 vide No LAD-NRO/GN/2008/11/126538; (g) on June 29, 2009 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2009, vide No. LAD-NRO/GN/2009-10/11/167759; (h) on December 21, 2010 by the Securities and Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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