FATCA registration required for Indian financial institutions to obtain GIINs and avoid withholding; guidance covers overseas branch compliance. The circular directs SEBI registered financial intermediaries to follow the Government's FATCA registration guidance: postpone registration until the formal IGA is signed, but register within the permitted period to obtain a Global Intermediary Identification Number (GIIN) to avoid FATCA withholding. Overseas branches in jurisdictions that permit registration or have Model One arrangements may obtain GIINs; branches in jurisdictions that do not permit registration will be subject to withholding. Parent/head office registration prerequisites and dissemination duties for Stock Exchanges and Depositories are also specified.
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Provisions expressly mentioned in the judgment/order text.
FATCA registration required for Indian financial institutions to obtain GIINs and avoid withholding; guidance covers overseas branch compliance.
The circular directs SEBI registered financial intermediaries to follow the Government's FATCA registration guidance: postpone registration until the formal IGA is signed, but register within the permitted period to obtain a Global Intermediary Identification Number (GIIN) to avoid FATCA withholding. Overseas branches in jurisdictions that permit registration or have Model One arrangements may obtain GIINs; branches in jurisdictions that do not permit registration will be subject to withholding. Parent/head office registration prerequisites and dissemination duties for Stock Exchanges and Depositories are also specified.
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