Listing prohibition on migrated venture capital funds restricts unit listing for a post-issuance period while registration and investment limits govern operations. This amendment creates a migrated venture capital fund category with a Board-driven registration process requiring prior VCF registration, fit-and-proper status, prescribed disclosures, minimum investor ticket sizes and firm investor commitments. Migrated funds may raise capital only by private placement, must issue and file placement memoranda or subscription agreements, are barred from launching new schemes, face investment concentration and asset-class allocation limits, may receive specified exceptions for market making, and are subject to tenure, liquidation, record-keeping and listing restrictions as prescribed by the Board.
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Provisions expressly mentioned in the judgment/order text.
Listing prohibition on migrated venture capital funds restricts unit listing for a post-issuance period while registration and investment limits govern operations.
This amendment creates a migrated venture capital fund category with a Board-driven registration process requiring prior VCF registration, fit-and-proper status, prescribed disclosures, minimum investor ticket sizes and firm investor commitments. Migrated funds may raise capital only by private placement, must issue and file placement memoranda or subscription agreements, are barred from launching new schemes, face investment concentration and asset-class allocation limits, may receive specified exceptions for market making, and are subject to tenure, liquidation, record-keeping and listing restrictions as prescribed by the Board.
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