Specified fund eligibility covers qualifying International Financial Services Centre funds and offshore banking investment divisions subject to ownership conditions.

"Specified fund" includes an Indian trust, company, limited liability partnership, or body corporate located in an International Financial Services Centre that qualifies as a Category III Alternative Investment Fund, retail scheme, or Exchange Traded Fund under the applicable regulatory framework. Units other than sponsor or manager units must be held by non-residents, subject to a limited resident-unit-holder exception. It also includes a qualifying offshore banking unit investment division registered as a Category-I foreign portfolio investor, subject to operational and separate-account requirements.

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