SEBI/HO/AFD/AFD -PoD -3/P/CIR/2024/130 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/AFD/AFD -PoD -3/P/CIR/2024/130 To, Foreign Venture Capital Investors ("FVCIs") Designated Depository Participants ("DDPs") and Custodians All Depositories All recognized Stock Exchanges and Clearing Corporations Dear Sir / Madam, Subject: Operational Guidelines for Foreign Venture Capital Investors (FVCIs) and Designated Depository Participants (DDPs) SEBI (Foreign Venture Capital Investors) Regulations, 2000 ("FVCI Regulations") were amended vide notification dated September 05, 2024. The said amendments shall come into force with effect from January 01, 2025 . The amendment notification, inter alia , specified provisions related to registration of FVCI through Designated Depository Participants, eligibility conditions, renewal of registration, etc. In order to ensure smooth transition to the amended FVCI regime and operationalise the amended provisions of the FVCI Regulations, it has been decided to issue necessary guidance in the form of operational guidelines (Annexure-1) . The provisions of this circular shall come into force with effect from January 01, 2025. This Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 3, 8, 9, 10, and 15 of FVCI Regulations to protect the interest of investors in securities and to promote the development of, and to regulate the securities market. September 26, 2024 This Circular is available at www.sebi.gov.in under the link "Legal ---Circulars". Yours faithfully, Manish Kumar Jha Deputy General Manager Tel No.: 022 - 26449219 E - mail: manishkj@sebi.gov.in Encl: Annexure - 1 Annexure -1 Operational Guidelines for Foreign Venture Capital Investors These operational guidelines ("guidelines") for Foreign Venture Capital