Eligible investment fund status limits Indian participation and prescribes fund-manager, diversification, and reporting conditions. Conditions for non-recognition of business connection require a non-resident eligible investment fund to meet jurisdictional residence criteria, ... Summary
Eligible investment fund status limits Indian participation and prescribes fund-manager, diversification, and reporting conditions.
Conditions for non-recognition of business connection require a non-resident eligible investment fund to meet jurisdictional residence criteria, investor-protection oversight, membership and participation ceilings, diversification and corpus requirements, prohibition on managing business in India or creating business connections through agents (except eligible fund manager activities), prescribed minimum fund-manager remuneration, and annual filing of a compliance statement; the eligible fund manager must be independent, registered under specified regulations, act in the ordinary course, and have profit entitlements capped.
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