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of <h1>Amendments to Finance Act Define 'Initial Offer' and Address Sale of Unlisted Business Trust Units Under Section 97</h1> Section 97 of the Finance (No.2) Act, 2004, as amended by the Finance Act, 2015, introduces new clauses effective June 1, 2015. A new clause (5AA) defines 'initial offer' with reference to the Securities and Exchange Board of India Regulations for Real Estate Investment Trusts and Infrastructure Investment Trusts. Additionally, clause (13) is amended to include a provision regarding the sale of unlisted units of a business trust acquired through a transfer as per section 47 of the Income-tax Act, 1961, under an offer for sale to the public, which are later listed on a recognized stock exchange.
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