Securities And Exchange Board Of India - Subsection
Section 4(b) in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
(b)if the application is made by a trust-(i)the instrument of trust is in the form of a deed and has been duly registered under the provisions of the Indian Registration Act, 1908 (16 of 1908);(ii)the main object of the trust is to carry on the activity of a venture capital fund;(iii)the directors of its trustee company, if any or any trustee is not involved in any litigation connected with the securities market which may have an adverse bearing on the business of the applicant;(iv)the directors of its trustee company, if any, or a trustee has not at any time, been convicted of any offence involving moral turpitude or of any economic offence;(v)[ the applicant is a fit and proper person;] [Inserted by S.O. 19(E), dated 5.1.1998]
