Section 9: Foreign Investment May be Made by Establishing Venture Capital Fund

1) An institutional foreign investor may, for the purpose of investing equity in any industry, establish a venture capital fund by incorporating a company in accordance with the prevailing law and by obtaining approval of the Securities Board.

2) Approval shall have to be obtained by fulfilling the procedures referred to in Section 15 for the investment in an industry from the fund referred to in sub-section (1).

3) Such a company shall provide the statements of the venture capital fund referred to in sub-section (1) to the Department in every six months.

4) Other provisions relating to the fund established pursuant to sub-section (1) shall be as prescribed.