Section 88 amendment revises beneficiary definitions and specified exempting entities, altering eligibility criteria and clause structure accordingly. Amendment of section 88 revises sub-section (2) to alter clause wording-requiring transactions be 'in the name of any person,' expanding clause (xiii) to persons specified in sub-section (4), and adding the Unit Trust of India as an exempting entity (the Unit Trust insertion operative later)-and substantially reworks sub-section (4) by substituting clause (a) to define specified persons for several clauses (including spouse, child and HUF members), omitting certain sub clauses and clause (d), thereby refining eligibility definitions and the exemption framework.