The Madison India Capital Management Board is established in Mauritius. Business decisions are the sole responsibility of the Board. The Board is composed of resident directors as well as U.S. directors with significant investment experience. Also established is an advisory board composed of U.S. institutional investors. Madison India Capital Advisors, an independent entity, and its Advisory Team make non-binding recommendations to Madison India Capital Management. The Fund is a registered FVCI and is regulated by the Securities and Exchange Board of India (SEBI).