On Aug. 8, IND SEBI proposed foreign VCs revised reporting format.
IND SEBI issued consultation paper on reporting by foreign venture capital investors (FVCIs), which outlines a proposal to revise reporting format for FVCIs, per Securities and Exchange Board of India (foreign venture capital investment) regulations, 2000.
Proposal
This revision is prompted by recent amendments approved by IND SEBI, necessitating an updated compliance reporting format for FVCIs to submit their quarterly reports.
FVCIs must submit quarterly reports on VC activities, including during quarters with no investment activity; reports are due within 15 calendar days after each quarter-end.
The reporting format is revised, details are enclosed at annexure-1; responsibility for timely submission lies with the domestic custodian, as per the regulations above.
Revised format becomes applicable starting with report for quarter ending on Sep. 30, 2024, to be submitted by Nov. 15, 2024; subsequent reports must adhere new format.
Effectiveness
The comment period for this consultation closes on Aug. 29, 2024.
Sep. 6, 2024 Regulations Published
On Sep. 6, 2024, IND SEBI published the SEBI (foreign venture capital investors) (amendment) regulations, 2024, which come into force on Jan. 1, 2025,
They amend the principal regulations to give effect to the proposals detailed above.
Document dated Sep. 6, 2024, received from IND SEBI Sep. 9, summarized Sep. 12.
Sep. 13, 2024 Reporting Format
On Sep. 13, 2024, IND SEBI issued circular on reporting requirements by FVCIs.
Specified the revised quarterly reporting format and submission schedules.
The report for the quarter ending Sep. 30, 2024 and Dec. 31, 2024 shall be submitted in excel file in the revised format by Nov. 15, 2024 and Jan. 15, 2025, respectively.
From quarter ending Mar. 31, 2025 onward, FVCIs shall submit quarterly report in the revised format on SEBI intermediary portal by 15 calendar days from quarter-end.
Sep. 26, 2024 Operational Guidelines
On Sep. 26, 2024, IND SEBI decided to issue necessary guidance in the form of operational guidelines to ensure smooth transition to the updated FVCI regime.
The provisions of this circular shall come into force with effect from Jan. 1, 2025.
