EXECUTIVE DIRECTOR

INVESTMENT MANAGEMENT DEPARTMENT

SEBI/DoF/VCF/CIR No. 1/78911 / 2006

October 18, 2006

To

All Venture Capital Funds Registered with SEBI

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Dear Sirs,

Sub: Common Key Personnel between Mutual Funds and Venture Capital Funds

In order to avoid conflict of Interest between the activities of Mutual Funds and Venture Capital Funds, it has been decided that no Key personnel of a Mutual Fund shall be on the Board of Asset Management Company/Investment Manager/Investment Advisor/Investment Committee of a Venture Capital Fund.

Key Personnel of a Mutual Fund includes Chief Executive Officer (whatever his designation may be), Chief Investment Officer, Fund Managers and Head of other departments in a AMC.

The Venture Capital Funds are advised to confirm compliance of the above as early as possible but not later than 2 months from the date of this circular.

These guidelines are being issued by the Board pursuant to Section 30(1) of the Securities and Exchange Board of India Act, 1992 (15 of 1992).

Yours faithfully,

K. Nair

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