MANU/SFII/0002/2015

Ministry : Securities and Exchange Board of India

Department/Board : Investment Management Department

Circular No. : CIR/IMD/DF/7/2015

Date : 01.10.2015

Notification/ Circulars Referred : A.P.(DIR Series) Circular No.48 dated December 09, 2014 MANU/APDR/0119/2014;A.P. (DIR Series) Circulars No. 49 MANU/APDR/0039/2007;50 MANU/APDR/0047/2007;Notification No. FEMA120/RB-2004 dated July 7, 2004 MANU/RFEM/0035/2004

Citing Reference:
A.P.(DIR Series) Circular No.48 dated December 09, 2014 MANU/APDR/0119/2014  Referred

A.P. (DIR Series) Circulars No. 49 MANU/APDR/0039/2007  Referred

50 MANU/APDR/0047/2007  Referred

Notification No. FEMA120/RB-2004 dated July 7, 2004 MANU/RFEM/0035/2004  Referred

To

All Alternative Investment Funds (AIFs)
All Venture Capital Funds (VCFs) registered under
SEBI (Venture Capital Funds) Regulations, 1996

Dear Sir / Madam,

Guidelines on overseas investments and other issues/clarifications for AIFs/VCFs.

1. SEBI (Alternative Investment Funds) Regulations, 2012 ("AIF Regulations") were notified on May 21, 2012 repealing and replacing the erstwhile SEBI (Venture Capital Funds) Regulations, 1996. As on August 31, 2015, there are 165 Alternative Investments Funds (AIFs) registered with SEBI.

2. In this regard, it is specified as under:

A. Overseas Investment by Venture Capital Funds (VCFs) registered under SEBI (Venture Capital Funds) Regulations, 1996 (now repealed)

a. VCFs registered under erstwhile SEBI (Venture Capital Funds) Regulations, 1996 are permitted to invest in Offshore Venture Capital Undertakings which have an Indian connection upto 10% of the investible fu........