SEBI Venture Capital Funds (VCFs) Regulations, 1996

According to these regulations, a VCF means a fund established in the form of a trust company including a body corporate, and registered with SEBI which (i) has a dedicated pool of capital raised in a manner specified in the regulations and (ii) invests in versifier capital undertaking (VCUs) in accordance with these regulations. A VCU means a domestic company (i) whose shares are not listed on a recognized stock exchange in India and (ii) which is engaged in the business providing services production manufacture of articles things but does not include such activities sectors as are specified in the negative list by SEBI with governmental approval namely, state, non banking financial companies (NBFCs), gold financing, activities not permitted under industrial policy of the Government and any other activity which may be specified by SEBI consultation with the Government from time to time. The main elements of the SEBI regulation briefly outlined:

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