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of <h1>Indian VCFs Can Invest Overseas with SEBI Approval, No RBI Nod Needed per Foreign Exchange Management Act 1999.</h1> The circular addresses the overseas investment by Indian Venture Capital Funds (VCFs) registered with the Securities and Exchange Board of India (SEBI). It clarifies that these domestic VCFs are allowed to invest in equity and equity-linked instruments of offshore venture capital undertakings, provided they obtain prior approval from SEBI. No additional permission from the Reserve Bank of India is required for such investments. Authorized Dealer Category - I banks are instructed to inform their clients and constituents about these regulations. The directions are issued under the Foreign Exchange Management Act, 1999.
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