FVCI means a foreign investor who is registered under the SEBI (FVCI) Regulations, 2000 and proposes to make investments in Venture Capitals as per the regulations.
Foreign Venture Capital Investor Registration
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Indian Venture Capital Undertaking (IVCU)
IVCU is defined as a company incorporated in India but whose shares are not listed on a recognized stock exchange in India. Generally, IVCUs are companies that require financial support to establish themselves in the market.
Indian Venture Capital Fund (VCF)
These are funds established in the form of a company, trust or body corporate and are registered either under the SEBI (Alternate Investment Fund) Regulations, 2012 or under the erstwhile SEBI (Venture Capital Fund) Regulations, 1996. VCFs usually pool capital raised by them and invest as per the regulations. VCFs can also invest in IVCUs.
- The eligible applicant should make an application to SEBI in Form A provided under First Schedule to the SEBI (FVCI) Regulations, 2000.
- On receiving an application for grant of certificate of registration, SEBI shall review and examine it. If required, the SEBI may call for further information to be furnished before it. SEBI shall also examine if the application is complete in all aspects.
- If after the review of application, SEBI is satisfied with the application then it shall send an intimation to the applicant accepting the application. On the other hand, if the application is not satisfactory or is incomplete, SEBI may reject the application.
- Grant of certificate of registration after pay the registration fees.
- If the applicant fails to remove the objections raised by SEBI within the prescribed time period or if the application is otherwise not satisfactory, the SEBI may reject the application made by the applicant.
- The applicant should have a good track record, professional competence, financial soundness, experience and a general reputation of fairness and integrity.
- The applicant should have been granted the necessary approval from the Reserve Bank of India for making investments in India.
- The applicant should be an investment company, investment partnership, investment trust, mutual fund, pension fund, endowment fund, charitable institution, or any other institution incorporated outside India.
- The applicant should be an asset management company, investment management company or investment manager, or any other investment vehicle incorporated abroad.
- The applicant should be regulated by the appropriate foreign regulatory authority if it is an entity.
- The applicant should not have been denied/refused the certificate of registration from SEBI earlier.
- The applicant should be authorized to invest in a venture capital fund or carry out the activity as FVCI or Alternate Investment Fund (AIF).
- Prepare and submit all required regulatory filings, such as the Form FC-TRS (Annual Return of Foreign Currency Transactions) and the Form FC-GPR (Remittance of Foreign Exchange by Residents to Non-Residents).
- Guiding on latest FDI regulations and how to comply with them.
- Represent before regulatory authorities in connection with any compliance matters.
- Helping companies to comply with all applicable investment reporting and disclosure requirements, including those related to investments in Indian companies, foreign exchange transactions, and repatriation of funds.
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COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
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Managing Director AMR FINANCE PVT LTD
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Founder & CEO - Eagabriz Shipping Pvt Ltd
FVCIs can invest upto 66.67% of their funds in unlisted equity shares or equity-linked instruments of venture capital undertaking or Investee Company and up to 33.33% of its funds in securities specified in Regulation 11 of SEBI (FVCI) Regulations, 2000 as amended from time to time. FVCI can also invest its total funds in AIFs registered under the SEBI (AIFs) Regulations, 2012 or Venture Capital Fund (VCF) registered in the erstwhile SEBI (VCF) Regulations, 1996.
Yes. FVCIs are required to enter into an agreement with the domestic custodian who shall act as a custodian of securities for FVCI. The domestic custodian is required to monitor investments of FVCI in India, furnish periodic reports to SEBI and furnish such other information as may be called for by SEBI.
In accordance with Regulation 13(1) of SEBI (FVCI) Regulation, 2000, all FVCIs are required to submit a quarterly report on venture capital activity to SEBI. On behalf of the FVCI, it is the domestic custodian who is responsible to submit the report on time. The report has to be uploaded on the SEBI online portal within 7 (seven) days from the end of each quarter of the calendar year.
SEBI may suspend the certificate of registration granted to an FVCI, if the FVCI contravenes any of the provisions of the SEBI Act, 1992 or any regulations framed thereunder; or FVCI fails to furnish any information sought by the SEBI; or furnishes false or misleading information; or fails to submit the periodic returns and reports; or does not co-operate with SEBI in any inquiry or inspection.
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