The Investment Committee of SRI Fund evaluates the recommendations by the Investment Manager. The IC comprises of a combination of National Small Industries Corporation Limited (NSIC) Team, SVL team members as well as independent member. The Investment Manager shall propose the investments in Daughter Funds to the SRI Fund Investment Committee which will then evaluate the same and give its preliminary recommendation by way of unanimous receipt of consent from the members present in the meeting. Post receipt of the preliminary recommendation from the Investment Committee, the due diligence process shall be conducted by the Investment Manager. Post conducting due diligence, the detailed proposal shall be put up to the Investment Committee for their final approval. Any other material decision, in relation to the portfolio of the Fund, including material matters arising at the Daughter Fund level, which requires an approval of the Fund shall be taken by the Investment Manager or the Investment Committee as required under the procedure laid down by the Board from time to time. All investment proposals approved by the Investment Committee shall be in accordance with the Investment Guidelines laid down in the Fund Documents including the Operating Guidelines.

NSIC Venture Capital Fund Limited (NVCFL) have an independent board with CMD NSIC as its Chairman, 2 (two) Government nominated Directors, 1 (one) NSIC nominated Director and a professional CEO (“Board”). Pursuant to the Investment Management Agreement, the investment management of the Fund and its investments in Daughter Funds will be carried out by the Investment Manager, as approved by the Board. The Board shall provide strategic guidance to achieve the objective of NVCFL and maintaining high governance standards.