Regulatory repeal: transitional deeming places prior venture capital actions under alternative investment fund rules while preserving existing fund governance.

The repeal of the Venture Capital Funds Regulations, 1996 is effected and actions, proceedings and references under the repealed regulations are deemed to be under corresponding provisions of the 2012 AIF regulations. Existing funds and schemes launched before the 2012 notification remain governed by the 1996 regulations until wound up and may not launch new schemes; migrated funds become governed by the 2012 regulations upon registration, and pending applications are treated as made under the 2012 regulations.

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