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One phone & address but 38 different entities!

Last Updated: Tuesday, December 29, 2009 - 00:19

New Delhi: They have different names but as
many as 38 foreign venture capital investors incorporated in
Mauritius and registered with Indian market regulator SEBI
have the same address, phone and fax numbers.

According to the latest data available with SEBI, 38
Mauritius-based foreign venture capital investors (FVCIs) are
having the same address, phone and fax numbers but their names
are different.

Interestingly, 97 per cent of the FVCIs registered with
SEBI are incorporated in Mauritius. Out of the total 135 such
entities, 131 are registered in the island nation.

According to the SEBI list, the address-- IFS Court, 28,
Cybercity, Ebene, Mauritius-- is common to 38 different funds.
The list gives details of the FVCIs registered since 2001.

The phone number -- (230) 467 3000 -- and fax number --
(230) 467 4000 -- are also the same for the 38 FVCIs.

The 38 funds include 2i Capital PCC, Aditi Investment
Holdings, Aquarius Capital (Mauritius) Ltd, Citigroup Venture
Capital International Mauritius, Dynamic India Fund V, Norwest
Venture Partners, Sequoia Capital and Zephyr Peacock India.
Many other Mauritius-based entities too have registered
with a common address. They include 17 funds having the same
address of "Las Cascades Building, Edith Cavell Street, Port
Louis, Mauritius."

Going by SEBI rules, FVCIs need to obtain firm commitment
from their investors for contribution of an amount of at least
USD one million before the start of operation.


First Published: Tuesday, December 29, 2009 - 00:19

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