The Central Board of Direct Taxes, in a notification on 3 August, liberalized the eligibility criteria for foreign portfolio investors (FPIs) by mandating that conditions specified in clauses (e), (f) and (g) of section 9A(3) of the Income Tax Act will not apply to category I and category II FPIs. These clauses provide for investment diversification conditions as follows: (e) minimum number of investors that cannot be connected persons in an investment fund; (f) limit on the participation interest of a member in the fund; and (g) limit on the participation interests of a maximum of 10 members in the fund.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章,欢迎成为我们的订阅会员成为我们的订阅会员。
The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.