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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Third Amendment) Regulations 2016

FEMA - 363/2016-RB - Dated:- 28-4-2016 - RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No. FEMA. 363/2016-RB Mumbai, the 28th April, 2016 G.S.R. 465(E).-In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outs .....

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s and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 which raises money and invests in such funds or sectors or activities or areas in accordance with the said Regulations. B. The existing sub-regulation (vb) shall be deleted. C. After the existing sub-regulation (x), a new sub-regulation shall be inserted namely:- (xA) startup shall mean an entity, incorporated or registered in India not prior to five years, with an annual turnover not exceeding INR 25 Crores in any pr .....

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mited liability partnership (under the Limited Liability Partnership Act, 2008). (ii) the expression turnover shall have the same meaning as assigned to it under the Companies Act, 2013. (iii) An entity is considered to be working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property if it aims to develop and commercialize (a) a new product or service or process; or (b) a significantly improved existi .....

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d by the following namely:- (5) A Foreign Venture Capital Investor registered with SEBI may make investment in the manner and subject to the terms and conditions specified in Schedule 6. 4. Amendment to Schedule 6 In the principal regulations, the existing Schedule 6 shall be substituted by the following, namely:- SCHEDULE 6 [See Regulation 5(5)] INVESTMENT BY A REGISTERED FOREIGN VENTURE CAPITAL INVESTOR 1. Investment by Foreign Venture Capital Investor (1) A Foreign Venture Capital Investor (F .....

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Fund (VCF) or of a Category I Alternative Investment Fund (Cat-I AIF) or units of a scheme or of a fund set up by a VCF or by a Cat-I AIF; subject to the terms and conditions as may be laid down by the Reserve Bank. Note: An FVCI registered under the SEBI (FVCI) Regulations, 2000 shall not require any prior approval of RBI for investments made under this Schedule. (2) A registered FVCI may purchase the securities / instruments mentioned above either from the issuer of these securities / instrume .....

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