Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
This circular from SEBI modifies the Common Application Form (CAF) for Foreign Portfolio Investors (FPIs) based in International Financial Services Centres (IFSCs) in India. It allows up to 100% aggregate contribution by NRIs, OCIs, and RIs in the corpus of such FPIs, subject to certain conditions. The key points are: 1) A new option is added in the CAF allowing FPIs to confirm that aggregate NRI/OCI/RI contributions exceed 50% of the corpus, while ensuring compliance with regulations. 2) FPIs must provide details of NRI/OCI/RI constituents, their ownership/economic interest, PAN copies or acceptable alternative documents. 3) For non-individual constituents controlled by NRIs/OCIs/RIs or where they hold 50%+ ownership/economic interest, similar details must be provided. 4) Where PAN is unavailable, specific documents like passport copies, OCI cards, government IDs must be submitted along with declarations. 5) The circular is applicable immediately, and depositories must update their CAF modules accordingly. 6) It aims to protect investors and promote securities market development under SEBI Act and FPI Regulations.
This circular from SEBI modifies the Common Application Form (CAF) for Foreign Portfolio Investors (FPIs) based in International Financial Services Centres (IFSCs) in India. It allows up to 100% aggregate contribution by NRIs, OCIs, and RIs in the corpus of such FPIs, subject to certain conditions. The key points are: 1) A new option is added in the CAF allowing FPIs to confirm that aggregate NRI/OCI/RI contributions exceed 50% of the corpus, while ensuring compliance with regulations. 2) FPIs must provide details of NRI/OCI/RI constituents, their ownership/economic interest, PAN copies or acceptable alternative documents. 3) For non-individual constituents controlled by NRIs/OCIs/RIs or where they hold 50%+ ownership/economic interest, similar details must be provided. 4) Where PAN is unavailable, specific documents like passport copies, OCI cards, government IDs must be submitted along with declarations. 5) The circular is applicable immediately, and depositories must update their CAF modules accordingly. 6) It aims to protect investors and promote securities market development under SEBI Act and FPI Regulations.
Note: It is a system-generated summary and is for quick reference only.
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