SEBI vide its Circular dated 3rd March, 2023 issued a Mater Circular for Foreign Venture Capital Investors (FVCIs).
The Master Circular rescinds the following circulars/directions issued by SEBI with regard to FVCIs till date:
- SEBI Circular No. IMD/DOF-1/FVCI/CIR.No.1/2009 dated July 03, 2009
- SEBI Circular No. SEBI/IMD/DOF-1/FVCI/CIR-1/2010 dated January 12, 2010
- SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2017/75 dated July 06, 2017
Further, anything done or any action taken or purported to have been done or taken under the rescinded circulars, issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.
Any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
The previous operation of the rescinded circulars or anything duly done or suffered thereunder shall remain unaffected as if the rescinded circulars have never been rescinded.
The Master Circular states the following:
- Firm commitment requirement for registration as Foreign Venture Capital Investor (FVCI)
- Quarterly Reporting by FVCIs
- Online Filing System for FVCIs
This Circular is applicable to all Foreign Venture Capital Investors and shall come into force from 3rd March, 2023.
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