Sebi Revokes Registration of 19 Defunct Foreign Venture Capital Investors

The Securities and Exchange Board of India (Sebi) has cancelled the registration of 19 Foreign Venture Capital Investors (FVCIs) that failed to meet eligibility criteria. These entities were no longer operational in their respective jurisdictions and failed to provide necessary filings or inform Sebi of their status changes.

Sebi, the Securities and Exchange Board of India, has taken decisive action by cancelling the registrations of 19 defunct Foreign Venture Capital Investors (FVCIs). This move came after the entities failed to comply with eligibility criteria laid out by the regulator. Among the affected entities are prominent names like Axis Capital Mauritius and Blackstone Capital Partners (Singapore) VI FVCI Pte Ltd.

The investment companies were deemed defunct based on assessment from the Business Registration Departments in their home countries, including Mauritius, Cyprus, and Singapore. Furthermore, these FVCIs did not notify Sebi about changes in their regulatory status, marking a significant breach of protocol.

Chief General Manager G Ramar of Sebi noted that the entities also failed to submit mandatory quarterly data on the Sebi Intermediaries portal, missing reports for several quarters. As a result, the certificates of registration have been annulled in compliance with the FVCI regulations.