Securities And Exchange Board Of India - Subsection
Section 4(a) in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
(a)if the application is made by a company :-(i)memorandum of association as has its main objective, the carrying on of the activity of a venture capital fund;(ii)it is prohibited by its memorandum and articles of association from making an invitation to the public to subscribe to its securities;(iii)its director or principal officer or employee is not involved in any litigation connected with the securities market which may have an adverse bearing on the business of the applicant;(iv)its director, principal officer or employee has not at any time been convicted of any offence involving moral turpitude or any economic offence;(v)[it is a fit and proper person;] [Inserted by S.O. 19(E), dated 5.1.1998]
