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of <h1>Venture Capital Fund Approval under Section 10(23F): Apply with Form 56A, Meet Compliance, Risk Revocation if Violated.</h1> For approval under clause (23F) of section 10 of the Income Tax Act, a venture capital fund or company must apply to the Director of Income-tax (Exemptions) using Form No. 56A. The application must include specific documents, such as trust deeds or incorporation certificates, financial statements, and registration certificates from the Securities and Exchange Board of India (SEBI). Approval is contingent upon compliance with investment limits and auditing requirements. The Director may revoke approval if these conditions are violated or if SEBI registration is suspended or canceled. The applicant is entitled to a hearing before any decision is made.
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