Venture Capital Fund Registration
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The Applicant for grant of registration as a Venture Capital Fund under SEBI (Venture Capital Funds) Regulations, 1996 should make an Application to SEBI in Form A along with all the necessary documents.
Generally
on receipt of Application, the applicant will receive a reply from
SEBI within 21 working days. The time taken for registration however,
depends on how fast the requirements are complied with by the applicant.
The
applicant is advised to go through the SEBI (Venture Capital Funds)
Regulations, 1996 for checking the eligibility criteria and such other details
which may help expedite the registration process. As an integral part of the
registration process, the applicant will submit:
Form
A along with the Application fees of Rs.1,00,000 and documents as under:
a) Copy of Memorandum
and Articles of Association in case the applicant is set up in the form of a
Company (Reg. 4(a) )
or
Copy
of Registered Trust Deed in case the applicant is set up in the form of a trust
(Reg. 4(b) )
or
Copy
of Main objective of constitution in case the applicant is set up in
the form of a body corporate. (Reg 4(c) )
b) Copy
of Investment Management Agreement (only if applicable).
Apart
from the above documents/declarations as required under the Form A, the
applicant will also be required to submit the details/information as under:
Details of the Sponsor/Settlor.
2.1
Write up on the activities of the Sponsor/Settlor, its shareholding
pattern/profile of the directors. Incase of an individual, please state whether
the individual is a director/employee of any entity registered with SEBI.
2.2
State whether, the Sponsor/Settlor has floated venture capital funds
previously, which are registered with SEBI. If so details. Also state whether they (Sponsor or their directors)
were refused a certificate by the Board or its certificate has been suspended
under regulation 30 or cancelled under regulation 31.
2.3
State whether the Sponsor/Settlor is registered with SEBI, RBI or any other
regulatory authority in any capacity along with the details of its
registration.
2.4 State
whether any of its group companies are registered with SEBI, RBI or any
regulatory authority along with the details of its registration.
2.5 State
whether Sponsor/Settlor or its holding company is listed on any of the
recognized stock exchanges in India. If so details thereof.
2.6 State
whether the Sponsor/Settlor or its directors are involved in any litigation
connected with the securities market and any order passed against them for
violation of securities laws. If so, details.
3. Details of the Trustees/Trustee Company
3.1 Write
up on the activities of the Trustee Company/ Profile of Trustees.
3.2 Shareholding pattern and the write up on profile of the Directors
3.3 State
whether the Trustee Company is registered with SEBI, RBI or any other
regulatory authority in any capacity along with the details of its
registration.
4. Details of the Investment Manager/Investment
Advisor/Asset Management Company (AMC).
4.1 Write
up on the activities of the Investment Manager/Investment Advisor/AMC.
4.2 Shareholding
pattern along with the profile of the Directors.
4.3 State whether the Investment
Manager/Advisor/AMC is registered with SEBI, RBI or any other regulatory
authority in any capacity, along with the details.
4.4 Details of Key Personnel/Management
Team. Also state whether they are also the employees of any SEBI registered
entity. If so details.
5. State
whether, the applicant is registered with SEBI in any capacity or has applied
for registration in any other capacity with SEBI.
6. List of all the
associates registered with SEBI along with their Registration No. Please, refer
to Reg. 2(aa) of SEBI (Venture Capital Funds) Regulations, 1996 for the
definition of the “associate company”.
7. Investment Strategy :
- Disclose in detail the investment strategy of the fund (Reg. 12 (a)).
- Investment strategy should disclose the investment style or pattern, preferred sectors/industries for investment, proposed corpus, the class of investors, life cycle of the fund and any other information.
8. Declarations to be submitted by the applicant:
8.1 An undertaking under Regulation 11(3) of SEBI
(Venture Capital Funds) Regulations, 1996.
8.2
Undertaking under Third Schedule to SEBI (Venture Capital Funds) Regulations,
1996.
8.3 Declaration
in respect of “Fit and Proper Person”
criteria as per regulation 4 A of the SEBI (Venture Capital Funds) Regulation.
1996 and as specified under Schedule II of
the Securities and Exchange Board of India (Intermediaries) Regulation 2008.
Grant of Certificate of Registration
Once all requirements including the Fit and Proper Person criteria have been complied with and on intimation from SEBI for payment of Registration fees of Rs.5,00,000 as per Second Schedule to Regulations, SEBI will grant the applicant, certification of registration as a SEBI Registered Venture Capital Fund.
Please note the following::
Venture Capital Fund Registration Procedure
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FIRST SCHEDULE – FORMS
FORM A
(VENTURE CAPITAL FUNDS) REGULATIONS,
1996
(SEE REGULATION 3)
APPLICATION FOR GRANT OF CERTIFICATE OF
REGISTRATION
AS VENTURE CAPITAL FUND
SECURITIES AND EXCHANGE BOARD OF INDIA
Plot No.
C4-A, “G’ BLOCK, BANDRA KURLA COMPLEX,
BANDRA
(EAST), MUMBAI – 400051
INSTRUCTIONS:
i. This form is meant for use by
the company or trust (hereinafter referred to as the applicant) for application
for grant of certificate of registration as venture capital fund.
ii. The applicant should complete
this form, and submit it, along with all supporting documents to the Board at
its head office at Mumbai.
iii. This application
form should be filled in accordance with these regulations.
iv. The application shall be
considered by the Board provided it is complete in all respects.
v. All answers must
be legible.
vi. Information which needs to be
supplied in more detail may be given on separate sheets which should be
attached to the application form.
vii. The application must be
signed and all signatures must be original.
viii. The application must be accompanied by
an application fee as specified the Second Schedule to these regulations.
1. Name, address of the registered office, address for correspondence,
telephone number(s), fax number(s), telex number(s) of the applicant and the
name of the contact person.
2.
Please indicate to which of the following categories the applicant belongs.
(i) a company established under the
Companies Act, 1956 (1 of 1956)
(ii) a trust set up
under the Indian Trusts Act, 1882 (2 of 1882)
3.
Date and place of incorporation or establishment and date of commencement of
business (enclose certificate of incorporation, memorandum and articles of
association or trust deed in terms of which incorporated or established).
4. (a) Details of
members of the Board of Trustees or directors of the trustee company, as the
case may be, in case the applicant has been set up as a trust.
(b) Details of
members of the Board of Directors of the venture capital fund in case the
applicant has been set up as a company.
5.
Please state whether the applicant, his partner, director or principal officer
is involved in any litigation connected with the securities market which has an
adverse bearing on the business of the applicant; or has at any time been
convicted for any moral turpitude or at any time has been found guilty of any
economic offence. In case the applicant is a trust, the above information
should be provided for the members of the Board of Trustees or of the above
mentioned persons connected with the Trustee Company.
If yes, the details
thereof.
6. Please
also state whether there has been any instance of violation or non-adherence to
the securities laws, code of ethics/conduct, code of business rules, for which
the applicant, or its parent or holding company or affiliate may have been
subject to economic, or criminal, liability, or suspended from carrying out its
operations, or the registration revoked temporarily.
7. Details
of asset management company, if any. (enclose copy of agreement with the asset
management company).
8. Declaration
statement (to be given as below).
We hereby agree and declare that the information supplied in the application, including the attachment sheets, is complete and true.
We hereby agree and declare that the information supplied in the application, including the attachment sheets, is complete and true.
AND we further agree that, we shall
notify the Securities and Exchange Board of India immediately any
change in the information provided in the application.
We further agree that we shall comply
with, and be bound by the Securities and Exchange Board ofIndia Act, 1992,
and the Securities and Exchange Board of India (Venture Capital Fund)
Regulations, 1996, and Government of India guidelines / instructions
as may be announced by the Securities and Exchange Board
of India from time to time.
We further agree that as a condition
of registration, we shall abide by such operational instructions/directives as
may be issued by the Securities and Exchange Board of India from time
to time.
For and on behalf
of...................................
(Name of the applicant)
(Name of the applicant)
Authorised signatory
..................
................
(Name) (Signature)
(Name) (Signature)
Date:
Place:
Place:
VC Registration & Compliance
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