Date:03/05/2007 URL: http://www.thehindubusinessline.com/2007/05/03/stories/2007050304060300.htm

Back RBI directive on VC funds

Our Bureau

Mumbai, May 2

Indian venture capital funds can now invest in equity and equity-linked instruments of offshore venture capital undertakings, subject to an overall limit of $500 million. "Domestic venture capital funds registered with SEBI, desirous of making investments in off-shore venture capital funds may approach SEBI for prior approval in this regard. No separate permission from the Reserve Bank is necessary for such VCFs," said an RBI notification.