The Securities and Exchange Board of India (Sebi) has cancelled the registration of 19 Foreign Venture Capital Investor (FVCI) companies that failed to meet the necessary eligibility requirements.
Among the companies whose registrations were cancelled are Axis Capital Mauritius, Axis India Infrastructure Holdings, Blackstone Capital Partners (Singapore) VI FVCI Pte Ltd, P6 Asia Holding Investments (Cyprus) Ltd, Pequot India Mauritius IV Ltd, and Omega FVCI Investments Pte Ltd.
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In its order, Sebi highlighted that these entities are no longer operational in their respective jurisdictions and no longer meet the FVCI regulations’ requirement of being incorporated outside India. Sebi also referred to records from the Business Registration Departments of Mauritius, Cyprus, and Singapore, confirming that the 19 companies are defunct.
Furthermore, these entities failed to notify Sebi about their defunct status and did not submit the required quarterly data on the Sebi Intermediaries (SI) portal for the period between March 31, 2023, and December 31, 2023.
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It was also noted that 6 of the FVCIs had never filed quarterly reports, while 4 others had submitted reports as far back as the 2012-13 financial year.
Sebi’s Chief General Manager, G. Ramar, stated in his 17-page order, “The 19 FVCIs did not inform Sebi about changes to their regulatory status, failed to submit quarterly filings, and did not meet the criteria of being incorporated outside India, thus violating the provisions of the FVCI Regulations.” As a result, Sebi has cancelled their Certificates of Registration.
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