Foreign Venture Capital Investor investment rules expanded to include startups and Cat I AIF units under amended FEMA regulations. The amendment inserts a Cat I AIF definition and a detailed startup definition, and revises FVCI rules: SEBI registered Foreign Venture Capital Investors may invest in unlisted Indian companies in specified sectors and in any startup, acquire units of VCFs or Cat I AIFs, and make purchases from issuers, holders or on recognised exchanges without prior RBI approval. Consideration must come via inward remittance or proceeds/income from prior investments; designated foreign currency/rupee accounts may be maintained solely for Schedule transactions; transfers may be made to residents or nonresidents at mutually agreed prices; and reporting to RBI or SEBI is required.