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Category I and II FPIs need not satisfy few conditions to avail benefit of Sec. 9A

August 4, 2017

SECTION 9A OF THE INCOME-TAX ACT, 1961 - CERTAIN ACTIVITIES NOT TO CONSTITUTE BUSINESS CONNECTION IN INDIA - NOTIFIED CONDITIONS WHICH SHALL NOT APPLY TO AN INVESTMENT FUND SET UP BY A CATEGORY-I OR CATEGORY-II FOREIGN PORTFOLIO INVESTOR REGISTERED UNDER SEBI (FOREIGN PORTFOLIO INVESTORS) REGULATIONS, 2014

NOTIFICATION NO. SO 2455(E) [NO.77/2017 (F.NO.142/15/2015-TPL)], DATED 3-8-2017

In exercise of the powers conferred by the proviso to sub-section (3) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the conditions specified in clauses (e), (f) and (g) of said sub-section shall not apply in case of an investment fund set up by a Category-I or Category-II foreign portfolio investor registered under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992).

2. This notification shall come into force from the date of its publication in the Official Gazette.

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