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SEBI Cancels Registration of 19 Defunct Foreign Venture Capital Investors
Moneylife Digital Team 19 February 2025
Investor Interest
Market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration (CoR) of 19 defunct foreign venture capital investor (FVCI) companies for violating multiple provisions under the FVCI Regulations and failing to meet the conditions of their registration.  
 
SEBI's inquiries with the registered custodians confirmed that none of the 19 companies held custody accounts or securities in India. Further investigation revealed that these companies were defunct in their parent jurisdictions, including Mauritius, Cyprus and Singapore, as verified through the respective business registration departments. Out of the 14 entities whose date of strike-off was available, 11 had been defunct for over five years, while the other three had been defunct for a period ranging from 10 months to three years.  
 
The companies whose registration is cancelled include: AOC Partners APGF, Asia Power FVCI Ltd, AV 2014 Global Investment Ltd, Axis Capital Mauritius, Axis India Infrastructure Holdings, Blackstone Capital Partners (Singapore) VI FVCI Pte Ltd, and Blackstone Family Investment Partnership (Singapore) VI-ESC FVCI Pte Ltd. Other entities are Canaan VII Mauritius, Ecolutions Singapore Pte Ltd (ESGP), Firstmark India Mauritius III Ltd, and Global Asia Venture Company (Mauritius).
 
Additionally, HS Venture Ltd, IFCI Sycamore India Infrastructure Fund, Omega FVCI Investments PTE Ltd, P6 Asia Holdings Investments (Cyprus) Ltd, Pequot India Mauritius IV Ltd, Sandler Mauritius Investments Ltd, Structured Investments Ltd, and Summit Partners India Venture Capital Investments are also named in the SEBI order.
 
In the order, G Ramar, chief general manager (CGM) of SEBI, says, "These companies were not engaged in any FVCI activities and failed to submit the required reports since their registration with SEBI. This indicated a lack of interest in continuing as registered FVCI."
 
SEBI's investigation revealed that several of these companies had ceased to exist as incorporated entities in their respective jurisdictions, which violated Regulations 4(1)(c) and (d) of the FVCI Regulations, 2000. Furthermore, they failed to file quarterly reports, violating Regulation 13(1) and relevant SEBI circulars. The companies also did not inform SEBI of changes in eligibility criteria, breaching Regulations 4(1)(f) and 8(d).  
 
Verification with foreign regulators further substantiated SEBI's findings. The Cyprus Securities and Exchange Commission confirmed that P6 Holding Investments (Cyprus) was dissolved following voluntary liquidation. Apex Fund Services (Mauritius) also confirmed the removal of AV 2014 Global Investments from the register of Mauritius. Despite attempts to contact the remaining entities through their last known email addresses, SEBI received no responses.  
 
The Indian regulator observed that under Regulation 8 of the FVCI Regulations, 2000, FVCIs are required to be regulated by an appropriate foreign authority and must inform SEBI of any change in the information provided at the time of registration. These companies failed to meet these obligations, violating the conditions of their registration. They did not maintain their existence as entities incorporated outside India, did not file quarterly reports and failed to communicate changes in eligibility criteria, SEBI says.  
 
After extensive efforts to communicate with the companies, which proved unsuccessful, and verifying their status through registered custodians and foreign regulators, SEBI concluded that the companies had ceased to exist and did not comply with regulatory requirements. 
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