Securities and Exchange Board of India (Venture Capital Funds) (Amendment) Regulations, 2006

S.O.No. 93(E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, namely: -

1. (i) These Regulations may be called the Securities and Exchange Board of India (Venture Capital Funds) (Amendment) Regulations, 2006.

(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) 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 capital fund may invest in securities of foreign companies subject to such conditions or guidelines that may be stipulated or issued by the Reserve Bank of India and the Board from time to time.