India’s markets regulator on Wednesday raised the minimum number of accredited investors needed for angel funds to five from three. Angel funds provide capital to early-stage startups.
The new rules, notified on Tuesday, are part of the Securities and Exchange Board of India’s (SEBI) measures for stricter scrutiny of angel fund investors.
The SEBI defined the accredited investors as family trusts, corporations, and individuals with five years of experience, who must be accredited by an external independent agency.
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