The CANBANK Venture Capital Fund Ltd (CVCFL) was on 21 September 2015 appointed as the implementation agency of the Electronics Development Fund (EDF) policy.
The Electronic Development Fund (EDF) is set up as a Fund of Funds to participate in Daughter Funds which in turn will provide risk capital to companies developing new technologies in the area of electronics, nano-electronics and Information Technology (IT).
With appointment of CVCFL as the agency to implement EDF, the EDF is now operational and will start receiving requests for participation from Seed Funds, Angel Funds and Daughter Funds.
Highlights of Electronics Development Fund (EDF) policy
• The EDF would take minority participation in Seed Funds, Angel Funds and Venture Funds.
• It will invite requests from professionally managed private/public funds for its participation.
• EDF participation in a fund may vary depending on the nature of the fund and risk involved.
• It will support both Indian and foreign funds which are registered in India and comply with SEBI and other regulations in this regard.
Target Beneficiaries of EDF Policy
Any Daughter Fund which is registered in India and abides with relevant rules and regulations applicable to such Funds, including SEBI regulations on Venture Funds will be eligible for support from the EDF.
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When: 21 September 2015