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of <h1>SEBI Regulation 4A Defines Fit and Proper Criteria for Venture Capital Fund Applicants Using Schedule II Standards.</h1> Regulation 4A of the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, outlines the criteria for determining if an applicant or venture capital fund is a fit and proper person. The Securities and Exchange Board of India (SEBI) may refer to the criteria specified in Schedule II of the SEBI (Intermediaries) Regulations, 2008, for this assessment. This regulation was updated in 2008, replacing the earlier criteria established in 2004, which similarly applied the fit and proper person standards to applicants and venture capital funds.
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