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of <h1>SEBI's Securities Lending Scheme Boosts Market Liquidity; Clarifies No 'Transfer' for Capital Gains Tax Purposes Under Income-tax Act.</h1> The Securities Lending Scheme, 1997, established by the Securities and Exchange Board of India (SEBI), aims to enhance stock market liquidity and facilitate timely securities transactions. Approved intermediaries are registered for three years, subject to conditions like fee payment and compliance with scheme terms. The scheme allows securities lending through intermediaries, with borrowers returning equivalent securities and corporate benefits. Lending agreements cover terms like lending period, fees, and dispute resolution. Taxation issues arise regarding whether lending constitutes a 'transfer' under the Income-tax Act. The scheme clarifies that lending shares, being fungible, does not constitute a 'transfer' for capital gains purposes.
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