Securities and Exchange Board of India (Venture Capital Funds) (Second Amendment) Regulations, 2000 - S.O. No.1179(E) - SEBI/LE/20477/00 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 30th December, 2000 S.O. 1179(E).- In exercise of the powers conferred by sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 namely :- I (i) These regulations may be called the Securities and Exchange Board of India (Venture Capital Funds) (Second Amendment) Regulations,2000. (ii) They shall come into force on the date of their publication in the Official Gazette. II In the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996:- 1. In regulation 2, (a) for clause (aa), the following clause shall be substituted, namely;- associate company , means a company in which a director or trustee or sponsor or settler of the venture capital fund or asset management company holds either individually or collectively, equity shares in excess of 15% of the paid-up equity share capital of venture capital undertaking . (b) in clause (1) for the words any other securities , the word shares shall be substituted. 2. In regulation 4, in clause (d), the word, not , shall be inserted after the words certificate has and before the words been suspended . 3. In regulation 12, in clause (d), in sub-clause (i), the proviso shall be omitted. 4. Regulation 13 shall be substituted by the following, namely:- 13 - No venture capital fund shall be entitled to get its units listed on any recognised stock exchange till the expiry of three years from the date of the issuance of units by the venture capital fund. 5. In regulation 14, the words securities or after the words purchase of any of its and before the word units shall be omitted. 6. In regulation 15, the words securities or after the words through private placement of its and before the word units shall be omitted. 7. In regulation 17, in clause (c), the words securities including after the words details of entitlements on the and before the word units shall be omitted. 8. In regulation 17, in clause (e), the words or securities after the words manner of subscription to the units and before the word of the venture capital fund shall be omitted. [F. No. SEBI/LE/20477/00] D.R. MEHTA, Chairman Foot Note.-1. Securities and Exchange Board of India (Venture Capital Funds), Regulations, 1996, the principal Regulation, was published in the Gazette of India on December 4, 1996, vide S.O. 850(E). 2. The Regulations was subsequently amended on : (a) January 5,1998 by the SEBI (Venture Capital Funds) (Amendment) Regulations, 1998 vide S.O.No.l9(E). (b) November 17,1999 by the SEBI (Venture Capital Funds) (Amendment) Regulations, 1999 vide S.O. No. 1118(E). (c) September 15,2000 by the SEBI (Venture Capital Funds) (Amendment) Regulations,2000 vide S.O.No.831(E).