The SEBI has notified a new set of regulations to amend the existing SEBI (Foreign Portfolio Investors) Regulations, 2019 which shall come into force as on the date of its publication in the Official Gazette.
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Sr. No. |
Amendment |
Effect |
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1 |
Substitution: Regulation 4(c) Non-resident Indians or overseas citizens of India or resident Indian individuals may be constituents of the applicant provided they meet the conditions specified by the Board from time to time: Provided that resident Indian other than individuals, may also be constituents of the applicant, subject to the following conditions, namely - i. such resident Indian, other than individuals, is an eligible fund manager of the applicant, as provided under sub-section (4) of section 9A of the Income Tax Act, 1961 (43 of 1961); and ii. the applicant is an eligible investment fund as provided under sub-section (3) of section 9A of the Income Tax Act, 1961 (43 of 1961) which has been granted approval under the Income Tax Rules, 1962; |
Proviso is added to allow resident Indian other than individuals to become a constituent of applicant subject to conditions prescribed therein. |
Disclaimer: The author is based in Jabalpur and is a Practicing Company Secretary dealing in Corporate, Legal & Taxation services. The information contained in this write up, as provided by the author, is to provide a general guidance to the intended user. The information should not be used as a substitute for specific consultations. Author recommends that professional advice is sought before taking any action on specific issues.
The author can also be reached at cstanveersaluja@gmail.com.
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