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of <h1>SEBI Clarifies Regulation 3(1)(ia) on Share Transfers from Venture Capital Funds to Promoters of Listed Ventures.</h1> The circular clarifies the interpretation of Regulation 3(1)(ia) under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. It addresses confusion regarding the term 'shares' and the scope of 'venture capital undertaking.' The exemption in Regulation 3(1)(ia) is intended for the transfer of shares from venture capital funds or foreign investors to promoters of a venture capital undertaking, specifically when these shares are initially unlisted but later get listed. Transfers involving shares of other listed companies do not qualify for this exemption. This clarification aims to resolve interpretational issues and ensure proper application of the regulation.
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