Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2024

SEBI on 11th July, 2024 has issued the Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2024. The amendment introduces the Migrated Venture Capital Fund registration. Certificate of registration as a Category I Alternative Investment Fund –Venture Capital Fund (Migrated Venture Capital Fund)shall be granted by the Board, if it is satisfied that the applicant fulfills following eligibility conditions, namely, —

1. The applicant has a certificate of registration as a Venture Capital Fund under Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996;
2. The applicant is a fit and proper person;
3. The applicant has furnished the required information as specified by the Board from time to time;
4. The applicant has no pending investor complaint with regard to non-receipt of funds or securities for any of its schemes whose assets are not liquidated.
5. No scheme launched by the applicant has investment from an investor which is less than five lakh rupees.
6. Each scheme launched by the applicant has a firm commitment from the investors for contribution of an amount not below rupees five crores before the start of operations by the applicant.