DEPUTY GENERAL MANAGER ALTERNATIVE INVESTMENT FUND AND FOREIGN PORTFOLIO INVESTOR DEPARTMENT DIVISION OF POLI… — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

DEPUTY GENERAL MANAGER ALTERNATIVE INVESTMENT FUND AND FOREIGN PORTFOLIO INVESTOR DEPARTMENT DIVISION OF POLICY AND DEVELOPMENT AFD/PoD/OW/2024/3685 January 24 , 2024 Mrs. Gandhimadhy Varadarajan, LetsVenture Advisors LLP, Investment Manager of LV Angel Fund , No. – 51, Indiqube Penta, 5 th Floor, Wing – B, Richmond Road, Shanthala Nagar, Bangalore – 560025. Dear Sir, Sub: Request for Informal Guidance by way of interpretive letter under the provisions of the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 in connection with provisions for Angel funds under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 Ref: Your letter dated September 07, 2023 In your letter / communication under reference , you have , inter -alia , stated the following – 1.1. LV Angel Fund ("Fund") is registered with SEBI as a Category I – Venture Capital Fund – Angel Fund with Registration No. IN/AIF1/18-19/0585 dated September 06, 2018 . 1.2. The Fund being registered on September 06, 2018 will be completing 5 years' tenure by September 06, 2023. The Fund has certain angel investors who have under-utilized the threshold amount of INR 25 Lakh within the period of five years as mentioned in Regulation 19D (3) of Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 ('AIF Regulations') . 1.3. There have been scenarios where the Fund has invested into a start -up complying with the minimum amount requirement under Regulation 19F(2) of AIF Regulations and the start -up owing to several reasons (such as flipping to foreign jurisdictions, change in business line etc.,) restructure to form a new legal entity. As the original investors of the start -up, the Fund gets an offer to mirror the shareholding in t