Overseas Investment by Venture Capital Funds (VCFs)

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....hange Board of India (SEBI), has decided to permit Indian Venture Capital Funds (VCFs), registered with SEBI, to invest in equity and equity-linked instruments of off-shore venture capital undertakings, subject to an overall limit of USD 500 million and SEBI regulations issued in this regard. SEBI have accordingly notified the enabling Venture Capital Funds (Amendment) Regulations 2006 on January ....

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....ed in this circular has been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and is without prejudice to permissions/approval, if any, required under any other law. Yours faithfully, (Salim Gangadharan) Chief General Manager Annex [Annex to A. P. (DIR Series) Circular No. dated April , 2007] THE GAZETTE OF INDIA EXTRAORDINARY PART II SEC....