News & UpdatesNo TDS under Section 194-I shall be made on payment of lease rent or supplemental lease rent to a unit of an International Financial Services Centre for the lease of Ship

Executive Summary

Income Tax

  • No Tds under Section 194-I shall be made on payment of lease rent or supplemental lease rent to a unit of an International Financial Services Centre
  • The CBDT has inserted new Rule 11UACA for the purpose of section 56 of the Income Tax Act, 1961
  • The CBDT has inserted new Rule 6ABBB and form 3AF for the purpose of section 35D of the Income-tax Act,
  • CBDT has made rules for the rate of exchange for the purpose of deduction of tax at source on income payable in foreign
  • CBDT has amended rules for the value of accommodation provided by the employer, for the purpose of sub-clauses (i) and (ii) of sub-section (2) of section 17 of the Income Tax Act, 1961
  • The Government has amended the National Saving Time Deposit Scheme, 2023
  • The Central Government has specified the zero-coupon bond for the purposes of the said clause (48) of section 2 of the said Act
Goods & Services Tax (GST) & Customs
  • CBIC Issue clarification regarding the applicability of GST on certain
  • Recommendation regarding the supply of goods through
  • Clarification regarding GST rates and clarification of certain
  • Recommendations of the Council regarding special procedure against the order passed under sections 73 and 74
  • A person exempt from filling Annual
Companies Act 2013/ Other Laws
  • Condonation of delay in filing various LLP forms- Recent relaxation by MCA
  • Companies (Incorporation) Second Amendment Rules, 2023
  • SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2023
  • Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023
  • Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023
  • Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023
  • RBI Guidelines on Switching/Reset of Floating Interest Rate Loan
  • Mandating Additional Disclosures by Foreign Portfolio Investors (FPIs)

Income Tax

Insertion of Rule 11UACA (16th Amendment)

For the purpose of clause (xiii) of sub-section (2) of section 56, where any person receives at any time during any previous year any sum under a life insurance policy, then, the income chargeable to tax under the said clause during the previous year in which such sum is received shall be computed as per new Rule “11UACA”. Computation of income chargeable to tax under clause (xiii) of sub-section (2) of section 56-:

  • where the sum is received for the first time under the life insurance policy during the previous year (hereinafter referred to as first previous year), the income chargeable to tax in the first previous year shall be computed in accordance with the formula, A-B where – A = the sum or aggregate of the sum received under the life insurance policy during the first previous year; and B = the aggregate of the premium paid during the term of the life insurance policy till the date of receipt of the sum in the first previous year that has not been claimed as a deduction under any other provision of the Act;
  • where the sum is received under the life insurance policy during the previous year subsequent to the first previous year (hereinafter referred to as subsequent previous year), the income chargeable to tax in the subsequent previous year shall be computed in accordance with the formula C-D where – C = the sum or aggregate of the sum received under the life insurance policy during the subsequent previous year; and D = the aggregate of the premium paid during the term of the life insurance policy till the date of receipt of the sum in the subsequent previous year not being premium which – (a) has been claimed as deduction under any other provision of the Act, or (b) is included in amount ‘B’ or amount ‘D’ of this rule in any of the previous year or years.
Insertion of rule 6ABBB and Form No. 3AF; Substitution of Form No. 3AE.

In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 6ABBA, the following rule shall be inserted -:

  • Rule 6ABBB – Form of statement to be furnished regarding preliminary expenses incurred under section — (1) The statement containing particulars of expenditure required to be furnished under proviso to clause (a) of sub-section (2) of section 35D by the assessee shall be in Form No. 3AF for each previous year
  • Form No. 3AF shall be furnished to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, or any person authorized by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems)
  • Form 3AF shall be furnished electronically
  • under digital signature, if the return of income is required to be furnished under digital signature
  • through electronic verification code in a case not covered under clause (i)
CBDT has made rules for the rate of exchange for the purpose of deduction of tax at source on income payable in foreign currency.

For the purpose of deduction of tax at source on any income payable in foreign currency, the rate of exchange for the calculation of the value in rupees of such income payable –

  • to an assessee outside India
  • to a Unit located in an International Financial Services Centre
  • by a Unit located in an International Financial Services Centre to an assesses in India, shall be the telegraphic transfer buying rate of such currency as on the date on which the tax is required to be deducted at source under the provisions of Chapter XVIIB by the person responsible for paying such income

 

CBDT has amended rules for the value of accommodation provided by the employer, for the purpose of sub-clauses (i) and (ii) of sub-section (2) of section 17 of the Income Tax Act, 1961.
  • In the Income-tax Rules, 1962, in rule 3, (i) for sub-rule (1), the following shall be substituted namely: The value of residential accommodation provided by the employer, for the purpose of sub-clauses (i) and (ii) of sub-section (2) of section 17, during the previous year shall be determined on the basis provided in the table given below:
S.No Circumstance Where accommodation is unfurnished Where accommodation is furnished
(1) (2) (3) (4)
(1) Where the accommodation is provided by the Central Government or any State Government to the employees either holding office or post in connection with the affairs of the Union or of such State. The license fee determined by the Central Government or any State Government in respect of accommodation in accordance with the rules framed by such Government is reduced by the rent actually paid by the employee.  

 

 

 

The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air- air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the

employee during the previous year.

(2)  

 

 

Where the accommodation is provided by any other employer and –

 

(a) where the accommodation is owned by the employer, or

 

 

 

 

 

 

 

(i) 10% of salary in cities having a population exceeding 40 lakhs as per 2011 census

 

 

 

 

 

The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air- air-conditioning plant or equipment or other similar appliances or gadgets) or if such furniture is hired from a third party, by the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year

(ii) 7.5% of salary in cities having a population exceeding 15 lakhs but not exceeding

40 lakhs as per 2011 census;

(iii) 5% of salary in other areas, in respect of the period during which the said

The accommodation was occupied by the employee during the previous year as reduced by the rent, if any, actually paid by the employee.

 

 

(b)where the accommodation is taken on lease or rent by the employer.  

 

Actual amount of lease rental paid or payable by the employer or 10% of salary, whichever is lower, as reduced by the rent, if any, actually paid by the employee.

 

 

 

 

 

 

 

The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air- air-conditioning plant or equipment, or other similar appliances or gadgets) or if such furniture is hired from a third party, by the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year.

(3) Where the accommodation is provided by the employer specified in the serial number (1) or (2) in a hotel (except where the employee is provided such accommodation for a period not exceeding in aggregate fifteen days on his transfer from one place to another). Not applicable 24% of salary paid or payable for the previous year or the actual charges paid or payable to such hotel, which is lower, for the period during which such accommodation is provided as reduced by the rent, if any, actually paid or payable by the employee

 

  • Provided that nothing contained in this sub-rule shall apply to any accommodation temporarily provided to an employee working at a mining site an on-shore oil exploration site a project execution site, a dam site a power generation site, or an off-shore site –
    • which, having a plinth area not exceeding 1000 square feet, is located not less than eight kilometers away from the local limits of any municipality or a cantonment board; or
    • which is located in a remote area:
  • Provided further that where on account of his transfer from one place to another, the employee is provided with accommodation at the new place of posting while retaining the accommodation at the other place, the value of perquisite shall be determined with reference to only one such accommodation which has the lower value with reference to the Table above for a period not exceeding ninety days and thereafter the value of perquisite shall be charged for both such accommodations in accordance with the Table:
  • Provided also that where the accommodation is owned by the employer and the same accommodation is continued to be provided to the same employee for more than one previous year, the amount calculated in accordance with No. 2(a) or 2(b) shall not exceed the amount so calculated for the first previous year, as multiplied by the amount which is a ratio of the Cost Inflation Index for the previous year for which the amount is calculated and the Cost Inflation Index for the previous year in which the accommodation was initially provided to the employee.
No Tds under Section 194-I shall be made on payment of lease rent or supplemental lease rent to a unit of an International Financial Services Centre.

 In exercise of the powers conferred by sub-section (1F) of section 197A, read with clause (c) of sub-section (2) of section 80LA, of the Income-tax Act, 1961 the Central Government hereby specifies that no deduction of tax shall be made under section 194-I of the Income-tax Act on payment in the nature of lease rent or supplemental lease rent, as the case may be, made by a person (hereinafter referred as ‘lessee’) to a person being a Unit of an International Financial Services Centre (hereinafter referred as ‘lessor’) for the lease of a ship subject to the following-

  • The lessor shall,-
    1. furnish a statement-cum-declaration in Form No.1 to the lessee giving details of previous years relevant to the ten consecutive assessment years for which the lessor opts for claiming deduction under sub-sections (1A) and (2) of section 80LA of the Income-tax Act; and
    2. such statement-cum-declaration shall be furnished and verified in the manner specified in Form 1, for each previous year relevant to the ten consecutive assessment years for which the lessor opts for claiming deduction under sub-sections (1A) and (2) of section 80LA of the Income-tax Act.
  • The lessee shall,-
    1. not deduct tax on payment made or credited to lessor after the date of receipt of copy of statement- cum- declaration in Form No. 1 from the lessor; and
    2. also furnish the particulars of all the payments made to lessor on which tax has not been deducted in view of this notification in the statement of deduction of tax referred to in subsection (3) of section 200 of the Income-tax Act, read with rule 31A of the Income-tax Rules,
  • The above relaxation shall be available to the lessor only during the said previous years relevant to the ten consecutive assessment years as declared by the lessor in Form 1 for which deduction under section 80LA is being opted. The lessee shall be liable to deduct tax on payment of lease rent for any other year.
  • The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall lay down procedures, formats, and standards for ensuring secure capture and transmission of data and uploading of documents and the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies.
  • This notification shall come into force from the 1st day of September,
The Government has amended the National Saving Time Deposit Scheme, 2023

The Central Government hereby makes the following Scheme further to amend the National Savings Time Deposit Scheme, 2019, namely: —

    • In paragraph 7, (a) in sub-paragraph 1(D), for the words and figures, “on or after the 1st day of April 2023”, the words, figures, and brackets “between 1st April 2023 and 30th June 2023 (both days inclusive)” shall be substituted;
    • It shall be deemed to have come into force on the 1st day of July,
    • *1 (E)The rate of interest as specified in the Table below shall be applicable to the deposit made on or after 1st day of July 2023 under the Scheme
S.No Category Rate of Interest (p.a.)
1 One-year 6.9
2 Two-years 7.0
3 Three-years 7.0
4 Five-years 7.5*

 

The Central Government hereby specifies the bond as a zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely:-
S.No Particulars Details
(a) Name of the bond Ten-Year Zero-Coupon Bond of REC Ltd.
(b) Period of life of bond Ten years one month

 

(c) The time schedule of the issue To be issued on or before the 31st day of March of bond 2025;
(d) The amount to be paid on maturity or redemption of the bond 1 lakh rupees for each bond
(e) The discount Rs. 2517.85 crores
(f) The number of bonds to be issued Five lakh

 

Goods & Services Tax

  • As per Notification No.29/2023 Dated 31/07/2023 CG on the recommendations of the Council, hereby notifies the special procedure followed by a registered person or officer who intends to file an appeal against the order passed by the proper officer under section 73 or 74. Appeal against the order made in duplicate in the Form appended to this notification at ANNEXURE-1 and shall be presented manually within the time specified in sub-section (1) of section 107 and such time shall be computed from the date of issuance of this notification or the date of the said order, whichever is later: The appellant shall not be required to deposit any amount. An appeal filed under this notification shall be accompanied by relevant documents including a self-certified copy of the order and such appeal and relevant documents shall be signed by the person. Upon receipt of the appeal which fulfills all the requirements as provided in this notification, an acknowledgment, indicating the appeal number, shall be issued manually in FORM GST APL-02 by the Appellate Authority or an officer authorized by him on this behalf and the appeal shall be treated as filed only when the aforesaid acknowledgment is issued. The Appellate Authority shall, along with its order, issue a summary of the order in the Form appended to this notification as ANNEXURE-2.
  • As per Notification No.31/2023 Dated 31/07/2023 CG on the recommendations of the Council, hereby makes the following further amendment in the notification for Registration – Procedure For – Specified States or Union Territories Wherein Provisions of Sub-Rule (4b) Of Rule 8 Shall Not Apply – Amendment in Notification 27/2022. In the said notification, after the words, “State of Gujarat”, the words “and the State of Puducherry” shall be inserted.
  • As per Notification 32/2023 Dated 31/07/2023 CG on the recommendations of the Council, hereby exempts the registered person whose aggregate turnover in the financial year 2022-23 is up to two crore rupees, from filing annual return for the said financial year.
  • As per Notification 33/2023 Dated 31/07/2023 CG on the recommendations of the Council, hereby notifies “Account Aggregator” as the systems with which information may be shared by the common portal based on consent under section 158A of the Central Goods and Services Tax Act, 2017. Account Aggregator means a NBFC which undertakes the business of an Account Aggregator in accordance with the policy directions issued by the Reserve Bank of India under section 45JA of the Reserve Bank of India Act This notification shall come into force with effect from the 1st day of October 2023.
  • As per Notification 34/2023 Dated 31/07/2023 CG on the recommendations of the Council, hereby specifies the persons making supplies of goods through an electronic commerce operator and having an aggregate turnover not exceeding the amount which is liable for registration as per sec 22 of the said Act, such person is exempted subject to following conditions:
    • A person not making inter-state supply.
    • The person did not supply goods through ECOs in more than one
    • The person is required to have a PAN as per income tax
    • The person is required to declare on the portal their PAN and address of the business in which such person seeks to supply which shall be subjected to validation on the common portal.
    • Such persons have been granted enrolment numbers on the common portal on successful validation of the PAN.
    • A person shall not be granted more than one enrolment number in a state
    • No supply of goods shall be made unless the person is granted an enrolment number on the common portal.
  • As per Notification 36/2023 Dated 04/08/2023 CG on the recommendations of the Council, hereby notifies the ECOs who are required to collect tax as per sec 52 as the class of person who shall follow the following special procedure in respect of the supply of goods made through it by the person paying tax under sec 10.
    • Electronic commerce operator shall not allow any inter-state supply of goods through it
    • Electronic commerce operator shall collect TCS as per sec 52 of the said Act
    • Electronic commerce operator shall furnish the details of supplies of goods in GSTR-8 on the portal.
    • This notification shall come into force with effect from the 1st day of Oct
  • As per Notification 37/2023 Dated 04/08/2023 CG on the recommendations of the Council, hereby notifies the ECO it is required to collect Tax as per sec 52 as the class of person who follows the special procedure in respect of supply of goods made through it by the persons exempted from obtaining registration.
    • Electronic commerce operator shall allow the supply of goods through it by the said person only if an enrolment number has been allotted on the common portal to the said
    • Electronic commerce operator shall not allow any inter-state supply of goods through it by the said person
    • Electronic commerce operator shall not collect TCS of sec 52 in respect of supply of goods made through it by the said person
    • Electronic commerce operator shall furnish the details of supplies of goods in FORM GSTR-8.
    • Where multiple ECOs are involved in a single supply of goods through the ECO platform the ECO operator shall mean the electronic commerce operator who finally releases the payment to the said person for the said supply made by the said person through him.
    • This notification shall come into force with effect from the 1st day of October 2023.
  • As per Notification 41/2023 Dated 25/08/2023 CG on the recommendations of the Council, hereby makes the following further amendment in No 83/2020- Central tax dated the 10th Nov 2020 for extension of time limit for furnishing detail of outward supplies in form GSTR-1.

In the said notification, in the fourth proviso: —

  • For the words, letter and figure “tax periods April 2023, May 2023 and June 2023”, the words, letter and figure “tax periods April 2023, May 2023, June 2023 and July 2023” shall be substituted;
  • For the words, letters and figure “thirty-first day of July, 2023”, the words, letter and figure “twenty-fifth day of August, 2023” shall be substituted.
  • This notification shall be deemed to have come into force with effect from the 31st day of July, 2023.

 

  • As per Notification 42/2023 Dated 25/08/2023 CG on the recommendations of the Council, hereby makes the following further amendment in No.12/2023– Central Tax Dated the 24th May 2023 for furnishing of returns – extension of due date in or furnishing return in form GSTR-3B for registered persons having principal place of business in specified state.

In the said notification, in the first paragraph, in the fifth proviso: —

  • For the words, letter, and figure “month of April 2023, May 2023 and June 2023″ the words, letter, and figure ” months of April 2023, May 2023, June 2023 and July 2023″ shall be substituted;
  • For the words, letters, and figure “thirty-first day of July, 2023”, the words, letter, and figure “twenty-fifth day of August 2023” shall be substituted.
  • This Notification is deemed to have come into force with effect from 31st July 2023.

 

  • As per Notification 44/2023 Dated 25/08/2023 CG on the recommendations of the Council, hereby makes the following further amendment in No -26/2019 – Central Tax Dated the 28th June 2019 for furnishing of returns – extension of due date for furnishing tax deducted at source in form GSTR-7 by registered persons having principal place of business in specified state.

In the said notification, in the first paragraph, in the fifth proviso: —

  • For the words, letter, and figure “month of April 2023, May 2023 and June 2023″ the words, letter, and figure ” Month of April 2023, May 2023, June 2023 and July 2023″ shall be substituted;
  • For the words, letters, and figure “thirty-first day of July 2023”, the words, letter, and figure “twenty-fifth day of August 2023” shall be substituted.
  • This Notification is deemed to have come into force with effect from 31st July 2023.

 

  • As per Circular No.200/12/2023 Dated 01/08/2023 CBIC Issue clarification regarding GST rates and clarification of certain goods based on the recommendation of the GST council
    • In the meeting, it was clarified that the snack pellets are manufactured through the process of extrusion which covers goods with the description ‘Extruded or expanded products, savory or salted’, and thereby attract GST at the rate of 18%.
    • Supply of uncooked/un-fried extruded snack pellets will attract a GST rate of 5%. Extruded snack pellets in the ready-to-eat form will continue to attract 18%
    • As per the recommendation of the GST Council, GST on fish-soluble paste has been reduced to 5%.
    • As per the recommendation of the GST Council, GST on fish-soluble paste has been reduced to 5%.
    • As per the recommendation of the GST Council, it is hereby clarified that supply of raw cotton, including kala cotton, from agriculturists to cooperatives is a taxable supply, and such supply of raw cotton by agriculturist to the cooperatives (being a registered person) attracts 5% GST on reverse charge
    • GST on imitation zari thread or yarn known by any name in trade parlance has been reduced from 12% to 5%.
    • GST on embroidery or zari articles would attract a GST rate of 12%.
    • GST rate on all goods falling under heading 9021 would attract a GST rate of 5%.

However, it is clarified that no refund will be granted where GST has already been paid in any of the above cases.

  • As per Circular 201/13/2023 Dated 01/08/2023 CBIC Issues clarification regarding the applicability of GST on certain services
    • Services supplied by the director of a company in his personal capacity such as renting of immovable property to the company or body corporate are subject to Reverse Charge Those services supplied by the director of the company or body corporate, which are supplied by him as or in the capacity of director of that company or body corporate shall be taxable under RCM in the hands of the company or body corporate.
    • Supply of food or beverages in the cinema hall is taxable as restaurant service. The cinema operator may run these refreshments or eating stalls/ kiosks/ counters or restaurant themselves or they may give it on contract to a third The customer may like to avail the services supplied by these refreshment/snack counters or choose not to avail these services. Further, the cinema operator can also install vending machines, or supply any other recreational service such as through coin-operated machines, etc. which a customer may or may not avail of. It is further clarified that where the sale of cinema tickets and supply of food and beverages are clubbed together, and such bundled supply satisfies the test of composite supply, the entire supply will attract GST at the rate applicable to the service of exhibition of cinema, the principal supply.

Companies Act, 2013

Condonation of delay in filing various LLP forms- Recent relaxation by MCA

The Ministry of Corporate Affairs in order to promote ease of doing business, through General Circular No. 08/2023 dated August 23 2023, has decided to grant a one-time relaxation in additional fees to the LLPs who could not file their forms within the due date and provide them an opportunity to update their filings and get their compliances done. Forms included in this scheme :

  • Form-3: Information pertaining to the LLP Agreement and any changes to it.
  • Form-4: Information pertaining to partners/designated partners including appointments, cessations, and other changes.
  • Form-11: The Annual Return of the
Companies (Incorporation) Second Amendment Rules, 2023

 The Ministry of Corporate Affairs vide notification dated 2nd August 2023 has issued the Companies (Incorporation) Second Amendment Rules, 2023. The Rules has revised Form No. RD-1 to be used by companies for filing applications to Central Government (Regional Director) for approval of Compromises, Arrangements, Amalgamations, and conversions.

 

RBI

RBI Guidelines on Switching/Reset of Floating Interest Rate Loan EMIs

 RBI has issued comprehensive lending guidelines from time to time with the intention of creating clarity, choice, and fairness in lending practices. These circulars and Master Directions pertain to Scheduled Commercial Banks (SCBs), Non-Banking Financial Companies (NBFCs), and Housing Finance Companies (HFCs). EMI loans form the cornerstone of these rules which aim to inform, empower, and provide viable loan repayment solutions throughout borrowers’ loan duration. Recently, RBI has issued guidelines to allow flexibility in interest rate offerings for borrowers paying EMIs under a floating rate.

SEBI

SEBI     (Listing     Obligations    and     Disclosure     Requirements)     (Third Amendment) Regulations, 2023

 Securities and Exchange Board of India (SEBI) introduced the Third Amendment to its Listing Obligations and Disclosure Requirements Regulations, 2023. The provisions are broadly applicable to all entities that wish to voluntarily delist non-convertible debt securities or redeemable preference shares. The latest regulations are aimed at Addressing the voluntary delisting process of non-convertible debt securities or non-convertible redeemable preference shares. Setting clear parameters on which entities can or cannot opt for voluntary delisting. Ensuring transparency, clarity, and protection for investors.

Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023

 The Securities and Exchange Board of India (SEBI), in its continuous effort to bolster investor protection and ensure fair market practices, released a significant notification on 16th August 2023. This notification revolves around the “Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023.” The aim is to streamline and expedite the process of resolving investor grievances across various domains falling under SEBI’s purview.

Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023

 The Securities and Exchange Board of India (SEBI) has recently issued a notification on August 16, 2023, amending the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The amendments, known as the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023, bring notable changes to various aspects of real estate investment trusts. These changes aim to refine the regulatory framework, enhance investor protection, and facilitate smoother functioning of real estate investment trusts.

Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023

The Securities and Exchange Board of India (SEBI) has released the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023. This amendment focuses on altering ownership and control criteria for foreign portfolio investors (FPIs), aiming to enhance transparency and regulatory compliance

 

OTHER LAWS

  • No Relaxation of IBBI Regulatory Fee in cases where the approved resolution plan
  • Mandating Additional Disclosures by Foreign Portfolio Investors (FPIs)

The Securities and Exchange Board of India has mandated additional disclosures by Foreign Portfolio Investors (FPIs) that require obtaining granular information of persons having any ownership, economic interest, or control in some objectively identified FPIs under the PML Act.

Disclaimer: Information in this note is intended to provide only a general update of the subjects covered. It is not intended to be a substitute for detailed research or the exercise of professional judgment. KNM accepts no responsibility for loss arising from any action taken or not taken by anyone using the publication. Updated are till the period 26 August 2023.


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