Section 11 in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
11. Minimum investment in a Venture Capital Fund.-
(1)A venture capital fund may raise monies from any investor whether Indian, Foreign or non-resident Indian [by way of issue of units] [Inserted by S.O. 831(E), dated 15.9.2000].(2)No venture capital fund set up as a company or any scheme of a venture capital fund set up as a trust shall accept any investment from any investor which is less than five lakh rupees:Provided that nothing contained in sub-regulation (2) shall apply to investors who are,-(a)employees or the principal officer or directors of the venture capital fund, or directors of the trustee company or trustees where the venture capital fund has been established as a trust;(b)[ the employees of the fund manager or asset management company.] [Substituted by S.O. 831(E), dated 15.9.2000](c)[* * *] [ Omitted by S.O. 831(E), dated 15.9.2000](3)[ Each scheme launched or fund set up by a venture capital fund shall have firm commitment from the investors for contribution of an amount of at least rupees five crores before the start of operations by the venture capital fund.] [Inserted by S.O. 831(E), dated 15.9.2000]
