A FVCI should be registered with SEBI to carry on business in India. To seek registration with SEBI. an applicant should apply in the prescribed form along with an application fee of US $1.000. The eligibility criteria for registration of an applicant include the following conditions: (i) its track record. professional competence, financial soundness, experience, general reputation of fairness and integrity; (ii) the RBIs approval for investing in India; (iii) it is an investment company trust partnership, pension mutual endowment fund. charitable institution or any other entity incorporated outside India; (iv) it is an asset investment management company, investment manager or any other investment vehicle incorporated outside: India; (v) it is authorized to invest in VCFs party on activity as a VCF; (vi) it is regulated by an appropriate foreign regulatory authority or is an income tax payer or submits a certificate from its banker of its promoters track record where it is neither a regulated entity income tax payer; (vii) it has not been refused a certificate by SEBI and (viii) it is a fit and proper person. The applicant may be required by SEBI to furnish such further information as it may consider necessary.

On being satisfied that the applicant is eligible and on receipt of the registration fee of US $ 10.000, SEBI would grant it a certificate of registration subject inter alia, on the conditions that it would (a) abide by the SEBI Act and FVCIs regulation. (b) appoint a domestic custodian (i.e. a person registered under SEBI Custodian of Securities Regulations. 1996) for custody of securities (c) enter into an arrangement with a designated bank (i.e. any bank in India permitted by the RBI to act as a banker to the FVCn for operating a special non-resident rupee foreign currency account) and (d) forthwith inform SEBI, in writing, if any information particulars previously submitted to it are found to be false misleading in any material particular or if there is any change in any information already submitted.

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