Guidelines for approval under clause (23FA) of section 10

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..... made in any previous year in which any income by way of dividend or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking shall not be included in computing the total income of such venture capital fund or venture capital company. (3) Every application for approval under sub-rule (1) shall be .....

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..... ditions, namely : (a) a venture capital fund or a venture capital company, as the case may be, is registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); (b) a venture capital fund or a venture capital company, as the case may be, shall not invest more than twenty-five per cent of its total m .....

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..... capital fund or the venture capital company. (6) The approval of the Central Government under sub-rule (5) shall at any one time have effect for such assessment year or years, not exceeding three assessment years. (7) The Central Government shall withdraw the approval granted under sub-rule (5) in the following circumstances : (a) if the venture capital fund or the venture capital company .....

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