Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2000

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....ated 26th December 2000 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 13.03.2001 - G.S.R. No. 175(E) In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modification of its notification No. FEMA 20/2000-RB da....

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....amely:- "(iiia) Foreign Venture Capital Investor means an investor incorporated and established outside India which proposes to make investment in Venture Capital Fund(s) or Venture Capital Undertaking(s) in India and is registered with SEBI under SEBI (Foreign Venture Capital Investors) Regulations, 2000;" (ii) after clause (v), the following clause shall be inserted, namely:- "(va) Indian V....

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....- "(5) A Foreign Venture Capital Investor registered with SEBI may make investment in a Venture Capital Fund or an Indian Venture Capital Undertaking, in the manner and subject to the terms and conditions specified in Schedule 6." Addition of new Schedule 3. In the Principal Regulations, after Schedule 5, the following Schedule shall be added, namely: - "SCHEDULE 6" [ See Regulation 5 (5) ] ....

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..... 3. The amount of consideration for investment in VCFs/IVCUs shall be paid out of inward remittance from abroad through normal banking channels or out of funds held in an account maintained with the designated branch of an authorised dealer in India in accordance with Para 2. 2. Maintenance of account by the registered FVCI for investment in IVCUs/ VCFs or schemes/funds set up by the VCFs. T....