Investment conditions and restrictions.

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....lated or issued by the Reserve Bank of India and the Board from time to time.] (c) shall not invest in the associated companies; and (d) venture capital fund shall make investment ^3[* * *] as enumerated below: (i) at least ^4[66.67%] of the investible funds shall be invested in unlisted equity shares or equity linked instruments ^5[of venture capital undertaking]. ^6[***] (ii) Not more than ^7[33.33%] of the investible funds may be invested by way of: (a) subscription to initial public offer of a venture capital undertaking whose shares are proposed to be listed ^8[***]; (b) debt or debt instrument of a venture capital undertaking in which the venture capital fund has already made an investment by ....

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....f funds raised by a venture capital fund shall be invested in:- (i) the equity shares or equity related securities issued by a company whose securities are not listed on any recognised stock exchange: Provided that a venture capital fund may invest in equity shares or equity related securities of a company whose securities are to be listed or are listed where the venture capital fund has made these investments through private placements prior to the listing of the securities. (ii) the equity shares or equity related securities of a financially weak company or a sick industrial company, whose securities may or may not be listed on any recognised stock-exchange. Explanation: For the purposes of this regulat....