SEBI to facilitate quick registration of venture capital funds
13 Apr 2007
Mumbai:
The Securities and Exchange Board of India (SEBI)
will respond to applications for registration of venture
capital funds (VCFs) or foreign venture capital investors
(FVCI) within 21 days, the market regulator said in
directions issued to investors.
SEBI said applications for VCF or FVCI should be accompanied
by all necessary documents and a fee of Rs100,000.
A fee of $5,000 should accompany the application for
registration of an entity as FVCI. The registration
fee would be Rs10 lakh for VCF and $20,000 FVCI, SEBI
said.
An entity seeking registration as FVCI would, in addition
to other documents, have to submit copies of certificate
of registration with the home regulator, income tax
return field in the home country and a banker''s certificate
of fair track record.
The documents should be in conformity with SEBI (Foreign
Venture Capital Investors) Regulations, 2000.
In case of VCFs, the applicants have been advised to
follow the procedure prescribed by the Sebi (Venture
Capital Funds) Regulations, 1996.
VCF applicants are also required to submit copies of
memorandum and articles of association, registered trust
deed in case of a trust and investment management agreement,
as applicable, along with the application form.
Both the categories of investors are also required to
disclose investment
strategy along with the life cycle of the fund, Sebi
said.