Fit and Proper Person criteria applied to foreign venture capital investors, later omitted effective at the start of 2025. Regulation 4A linked determination of whether an applicant or foreign venture capital investor was a fit and proper person to the criteria in the SEBI fit-and-proper framework, originally referencing the 2004 Regulations and later Schedule II of the Intermediaries Regulations, 2008; the provision was omitted by a 2024 notification effective from 01-01-2025, removing the express statutory cross-reference to those criteria.