Investment by Angel Funds

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....romoter group, a parent company and its subsidiaries, a group of body corporates in which the same person/ group of persons exercise control, and a group of body corporates consisting of associates/ subsidiaries/ holding companies. Explanation II: For the purpose of this clause, "group turnover" shall mean combined total revenue of the corporate group.] ^11[(2) Investment made by an angel fund in any investee company shall not be less than ten lakh rupees and shall not exceed twenty five crores rupees.] ^12[(3) Investment by an angel fund in an investee company shall be subject to lock-in period as may be specified by the Board.] (4) Angel funds shall not invest in associates. ^13[(5) Each investment of an angel fund in ....

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....ent) Regulations, 2016, w.e.f. 04-01-2017. 8. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/21 dated 05-05-2021 before it was read as, "venture capital undertakings" 9. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/21 dated 05-05-2021 before it was read as, "(a) ^3[complies with the criteria regarding the age of the venture capital undertaking/startup issued by the Department of Industrial Policy and Promotion under the Ministry of Commerce and Industry, Government of India vide notification no. G.S.R. 180(E) dated February 17, 2016 or such other policy made in this regard which may be in force;] (b) have a turnover of less than twenty five crore rupees;" 10.  Substituted vide Noti....