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of <h1>SEBI Launches Securities Lending Scheme to Boost Stock Market Liquidity; Lending Not a 'Transfer' u/s 2(47.</h1> The Securities and Exchange Board of India (SEBI) has implemented a securities lending scheme effective from February 6, 1997, to enhance stock market liquidity and facilitate transaction settlements. Under this scheme, approved intermediaries can lend securities to borrowers, who must return equivalent securities of the same type or class with corporate benefits after a specified period. The scheme outlines terms for lending, fees, collateral, and dispute resolution. Importantly, the lending of shares under this scheme does not constitute a 'transfer' under section 2(47) of the Income-tax Act, as shares are fungible assets, and the transaction does not involve exchanging different assets.
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