SECURITIES AND EXCHANGE BOARD OF INDIA (VENTURE CAPITAL FUNDS) REGULATIONS, 1996

Chapter: I
Preliminary
Regulation 1	:	Short title and commencement.
Regulation 2	:	Definitions.
Chapter: II
Registration of Venture Capital Funds
Regulation 3	:	Application for Grant of Certificate.
Regulation 4	:	Eligibility Criteria.
Regulation 4A	:	Criteria for fit and proper person.
Regulation 5	:	Furnishing of information, clarification.
Regulation 6	:	Consideration of application.
Regulation 7	:	Procedure for grant of certificate.
Regulation 8	:	Conditions of Certificate.
Regulation 9	:	Procedure where certificate is not granted.
Regulation 10	:	Effect of refusal to grant certificate.
Chapter: III
Investment Conditions and Restrictions
Regulation 11	:	Minimum investment in a Venture Capital Fund.
Regulation 12	:	Investment conditions and restrictions.
Regulation 12A	:	Investment in securities listed on SME exchange.
Regulation 13	:	Prohibition on listing.
Chapter: IV
General Obligations and Responsibilities
Regulation 14	:	Prohibition on inviting subscription from the public.
Regulation 15	:	Private placement.
Regulation 16	:	Placement memorandum or subscription agreement.
Regulation 17	:	Contents of placement memorandum.
Regulation 18	:	Circulation of placement memorandum.
Regulation 19	:	Changes in the placement memorandum to be intimated to the board.
Regulation 20	:	Maintenance of books and records.
Regulation 21	:	Power to call for information.
Regulation 22	:	Submission of reports to the Board.
Regulation 23	:	Winding-up.
Regulation 24	:	Effect of winding-up.
Chapter: V
Inspection and Investigation
Regulation 25	:	Board’s right to inspect or investigate.
Regulation 26	:	Notice before inspection or investigation.
Regulation 27	:	Obligation of venture capital fund on inspection or investigation.
Regulation 28	:	Submission of report to the Board.
Regulation 29	:	Communication of findings etc., to the venture capital fund.
Chapter: VI
Procedure for Action in Case of Default
Regulation 30	:	Liability for action in case of default.
Regulation 31 to 38	:	Omitted
Schedule
FIRST SCHEDULE	:	APPLICATION FOR GRANT OF CERTIFICATE OF REGISTRATION AS VENTURE CAPITAL FUND SECURITIES AND EXCHANGE BOARD OF INDIA
SECOND SCHEDULE	:	AMOUNT TO BE PAID AS FEES
THIRD SCHEDULE	:	NEGATIVE LIST