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Saturday, July 4, 2009

USD 1 million for Foreign Venture Capitals (FVCI) as firm commitment to apply for SEBI registration now

IMD/DOF-1/FVCI/CIR. No. 1/2009 dated 3rd July 2009

All applicants desirous of registering with SEBI as the Foreign Venture Capital Investors (FVCI), henceforth, shall obtain firm commitment from their investors for contribution of an amount of at least USD 1 million [1,000,000 $] at the time of submission of applications seeking registration as FVCIs as per SEBI (Foreign Venture Capital Investors) Regulations, 2000.


Kindly note, existing Regulation 11(3) of the SEBI (Venture Capital Funds) Regulations, 1996 [Domestic VCF Regulations] requires 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.


Source: Firm commitment requirement for registration as Foreign Venture Capital Investors


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