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of <h1>Amendment to Section 18A of Securities Contracts Act: New Clause for Derivatives by Foreign Portfolio Investors</h1> Clause 148 of the Finance Bill, 2023 proposes an amendment to section 18A of the Securities Contracts (Regulation) Act, 1956. It introduces a new clause (ba) to include contracts in derivatives issued by a Foreign Portfolio Investor within an International Financial Services Centre, regulated by the International Financial Services Centres Authority, as legal and valid. The amendment also defines 'Foreign Portfolio Investor' as per the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, under the Foreign Exchange Management Act, 1999.
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