Venture capital began in the US in 1946 with the formation of ARD, the first publicly traded VC fund. India established VC guidelines in 1988 and regulations in 1996 under SEBI. Venture capital involves investing in small growth-oriented companies, exploiting market opportunities for capital gains. There are opportunities in India's growing technology and knowledge-based industries as the country moves beyond low-cost services. However, VC in India is regulated regarding minimum investments, fund corpus sizes, investment limits in companies and advertising. Top cities attracting VC in 2007 included Bangalore, Delhi, and Mumbai.