The regulator has cancelled the registration of the 19 defunct foreign venture capital investors, or FVCI companies, including entities from Mauritius, Singapore and Cyprus.
This follows a show cause notice sent to the 19 entities in December last year. The entities are no longer in existence as incorporated entities in their respective jurisdictions and no longer satisfied the condition of being an entity incorporated outside India; had failed to file quarterly reports, and failed to intimate change in eligibility criteria, violating the FVCI Regulations, 2000. The 19 FVCIs do not have a custody account with any of the custodians.
The entities failed to respond to hearing notices dated January 17, 2025.
“From the material available on record, I note that the notices were not carrying out any FVCI activities and also hardly submitted the relevant reports ever since being registered with SEBI,” the order said.