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Definitions.

e requires,- (a) Act means the Securities and Exchange Board of India Act, 1992 (15 of 1992); 1[(aa) 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) certif .....

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administration and management of the fund;] (i) Schedule means a Schedule annexed to these regulations; 8[(j) negative list means a list of items specified in the Third Schedule;] (k) trust means a trust established under the Indian Trusts Act, 1882 (2 of 1882) 9[or under an Act of Parliament or State Legislation]; (l) 10[ unit means beneficial interest of the investors in the scheme or fund floa .....

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e specified in the negative list by the Board with the approval of the Central Government by notification in the Official Gazette in this behalf.] - Notes: 1. Substituted by the SEBI (Venture Capital Funds) (Second Amendment) Regulations, 2000, w.e.f. 30-12- 2000. Prior to its substitution, clause (aa) was inserted by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-200 .....

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. Inserted by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2004, w.e.f. 05-04-2004. 5. Omitted by the SEBI (Venture Capital Funds) (Amendment) Regulations, 2000, w.e.f. 15-09-2000. Prior to its omission, clause (g) read as under: (g) Government of India Guidelines means the guidelines dated September 20, 1995 issued by the Government of India for Overseas Venture Capital Investments i .....

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l) and (m) read as under: (l) units means the interest of the investors in a scheme of a venture capital fund set up as a trust, which consist of each unit representing one undivided share in the assets of the scheme; (m) venture capital fund means a fund established in the form of a company or trust which raises monies through loans, donations, issue of securities or units as the case may be, and .....

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