Corporate venture capital eligibility requires statutory formation, permission for VC activity, fit and proper status, and no disqualifying convictions or securities litigation. Corporate applicants for registration as venture capital funds must be bodies corporate constituted under Central or State legislation, be permitted to carry on venture capital activities, and satisfy a fit and proper test. Directors or trustees must not have convictions for moral turpitude or economic offences and must not be involved in securities market litigation that could adversely affect the applicant. The amendment renumbers the existing sub clause to accommodate the new corporate applicant criteria.