Section 10(23FB)(b) in The Income Tax Act, 1961

[Cites 0, Cited by 2] [Section 10(23FB)] [Section 10] [Entire Act]

Union of India - Subsection

Section 10(23FB)(b) in The Income Tax Act, 1961

(b)"venture capital fund" means a fund—

(A)operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908), which—

(I)has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Venture Capital Funds Regulations; or

(i)it has invested not less than two-thirds of its investible funds in unlisted equity shares or equity linked instruments of venture capital undertaking;

(ii)it has not invested in any venture capital undertaking in which its trustee or the settler holds, either individually or collectively, equity shares in excess of fifteen per cent of the paid-up equity share capital of such venture capital undertaking; and

(iii)the units, if any, issued by it are not listed in any recognised stock exchange; or

(II)has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund under the Alternative Investment Funds Regulations and which fulfils the following conditions, namely:—

(B)operating as a venture capital scheme made by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963);

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

Section 10(23FB)(b) in The Income Tax Act, 1961