SCHEDULE - 03 - AMENDMENT OF REGULATIONS - Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012

Third Schedule [see regulation 38] 1. Amendment to Securities and Exchange Board of India (Issue of Capital and Disclosure) Regulations, 2009. (i) In regulation 2, in sub-regulation (1), in clause (zd),in sub-clause (i) after the words venture capital fund and before the words and , the words , Alternative Investment Fund shall be inserted; (ii) In regulation 37, in the proviso, clause (b) shall be substituted with the following namely, - (b) equity shares held by a venture capital fund or alternative investment fund of category I or a foreign venture capital investor: Provided that such equity shares shall be locked in for a period of at least one year from the date of purchase by the venture capital fund or alternative investment fund or foreign venture capital investor. 2. Amendment to Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000, - (i) In regulation 2, (a) clause (l) shall be substituted with the following namely, - (l) Venture Capital Fund means a fund registered with the Board under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 or under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 in the sub-category of Venture Capital Fund under Category I Alternative Investment Fund. (b) clause (m) shall be substituted with the following namely, - (m) Venture Capital undertaking means a venture capital undertaking as defined under clause(aa) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. (c) In sub-regulation (2), after the words Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 the words and numbers or Securities and Exchange Board of India (Alternative Investment Funds) Regulation, 2012 shall be inserted. (ii) In regulation 4, in sub-regulation (1), clause (e) after the words venture capital fund the words or Alternative Investment Fund shall be inserted: (iii) In regulation 11, in clause (b), after the words venture capital fund , the words or alternative investment fund shall be inserted; (iv) In regulation 11, in clause (c), the words venture capital undertaking wherever occurring shall be replaced with the words venture capital undertaking or investee company as defined in clause (o) of sub-regulation (1) of regulation 2 of Securities and Exchange Board of India (Alternative Investment Funds) Regulation, 2012 . 3. Amendments to Securities and Exchange Board of India (Substantial Acquisitions of Shares and Takeover) Regulations, 2011. (i) In regulation 2, in sub-regulation (1), in clause (q),in sub-clause (2) after item (viii) the following new item shall be inserted namely, - (viiia) an alternative investment fund and its sponsor, trustees, trustee company and manager; (ii) In regulation 10, in sub-regulation (4), in clause (f) the words venture capital fund wherever occurring shall be replaced with the words venture capital fund or Category I Alternative Investment Fund .