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Venture Capital—Recent Trends in the Liberalization Context

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  • D Nagayya

Abstract

The paper reviews development of Venture Capital Funds (VCFs) and Venture Capital Investment (VCI) in the country. Concept, evolution, characteristics and scope of venture capital as an equity mechanism is discussed in the paper. This is also referred to as Private Equity (PE)—an investment in a company with equity securities that are generally not publicly traded. Private Equity focuses on active private equity investments that enable them to acquire a large or controlling interest in a firm with solid growth potential. As a result, PE firms can oversee, assist, and if necessary, redirect the company’s activities or its management. Indian environment of venture capital funds, particularly through institutional sources like Industrial Development Bank of India (IDBI) and Small Industries Development Bank of India (SIDBI) is presented in detail. To make the program dynamic to meet the needs of entrepreneurial interests in the small and medium enterprises sector, changes taking place are covered to some extent. Role of the nodal agency and Securities and Exchange Board of India (SEBI) in supervising and monitoring the functioning of venture capital funds is highlighted. Involvement of the Indian Venture Capital Association (IVCA) in pursuing with the Government of India for revision of guidelines for Venture Capital Funds for different periods is recapitulated.

Suggested Citation

  • D Nagayya, 2005. "Venture Capital—Recent Trends in the Liberalization Context," The IUP Journal of Financial Economics, IUP Publications, vol. 0(2), pages 38-51, June.
    • Handle: RePEc:icf:icfjfe:v:03:y:2005:i:2:p:38-51
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