The Securities and Exchange Board of India (“SEBI”), in a recent notification has amended the requirements for making an application to SEBI to register as a foreign venture capital investor (FVCI). The amendments are:

• Along with the application, a firm commitment letter from the investors should be submitted for a contribution aggregating to at least US$1 million.
•  Copies of financial statements for the financial year preceding the one during which the application is being made is required to be provided by those investors providing the firm commitment letter.
• The contact details (the name, address, contact number and the e-mail address) of all the investors providing firm commitments and all the directors of the FVCI are required to be furnished.

 It is expected that these enhanced registration requirements would lead to better oversight and supervision of the FVCIs by SEBI.