Section 31 in Securities And Exchange Board Of India (Venture Capital Funds) Regulations, 1996
31. Cancellation of certificate.-
The Board may cancel the certificate granted to a venture capital fund:-(a)when the venture capital fund is guilty of fraud or has been convicted of an offence involving moral turpitude;(b)the venture capital fund has been guilty of repeated defaults of the nature specified in regulation 30; orExplanation:- In this regulation, "fraud" has the same meaning as is assigned to it in section 17 of the Indian Contract Act, 1872 (9 of 1872).(c)contravenes any of the provisions of the Act or these regulations.
