Fund classification amendment expands covered funds and tightens asset-composition requirements under amended tax rules. The amendment removes the qualifier open-ended from the explanation's clause governing fund classification and increases the required minimum asset-composition threshold in the relevant sub-clause, thereby broadening the category of funds covered and tightening the composition test; both changes are enacted by the Finance Act, 2006 and operate from the stated commencement date.
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Fund classification amendment expands covered funds and tightens asset-composition requirements under amended tax rules.
The amendment removes the qualifier open-ended from the explanation's clause governing fund classification and increases the required minimum asset-composition threshold in the relevant sub-clause, thereby broadening the category of funds covered and tightening the composition test; both changes are enacted by the Finance Act, 2006 and operate from the stated commencement date.
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