Master Circular for Foreign Venture Capital Investors (FVCIs)
Summary
This Master Circular consolidates previous regulations for Foreign Venture Capital Investors (FVCIs) and rescinds earlier circulars while preserving pending actions. It mandates a minimum USD 1 million firm commitment from investors for FVCI registration applications. The document establishes requirements for quarterly reporting via an online system and outlines the specific data format for such submissions.
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SEBI has incorporated provisions of various circulars into this Master Circular to enable stakeholders to access all applicable requirements at one place.
This Master Circular rescinds SEBI Circular No. IMD/DOF-1/FVCI/CIR.No.1/2009, SEBI/IMD/DOF-1/FVCI/CIR-1/2010, and SEBI/HO/IMD/DF1/CIR/P/2017/75.
Anything done or action taken under rescinded circulars, including registrations, approvals, fees, inspections, or adjudications, shall be deemed done under corresponding provisions of this Master Circular.
Any application made to SEBI under rescinded circulars prior to rescission and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
Previous operation of rescinded circulars, rights, privileges, obligations, liabilities, penalties, and legal proceedings shall remain unaffected as if the rescinded circulars have never been rescinded.
This Master Circular is issued in exercise of powers conferred under Section 11(1) and Section 11A of the Securities and Exchange Board of India Act, 1992.
Applicants desirous of registering with SEBI as FVCI shall obtain firm commitment from their investors for contribution of an amount of at least USD 1 million at the time of submission of applications.
All FVCIs are directed to submit the report on venture capital activity to SEBI complete in all respects in accordance with Regulation 13(1) of FVCI Regulations.
The report is to be uploaded online on SEBI portal within 7 days from the end of each calendar quarter. Physical copies of the report are not required to be submitted.
In accordance with Regulation 14 (2) of FVCI Regulations, domestic custodian shall be responsible for timely submission of the report.
SEBI has introduced an online system for filings related to FVCIs to facilitate ease of operations in terms of applying for registration, reporting and various compliances.
All applicants desirous of seeking registration as a FVCI are now required to submit their applications online only, through SEBI Intermediary Portal. Furthermore, all SEBI registered FVCIs are now required to file their compliance reports... through the online system only.
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Source: SecMarx — Master Circular for Foreign Venture Capital Investors (FVCIs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.