Specified fund definition covers IFSC funds, non-resident unit holding conditions, and offshore banking unit investment divisions. 'Specified fund' means an eligible fund established or incorporated in India and located in an International Financial Services Centre, registered as a Category III Alternative Investment Fund or as a retail scheme or Exchange Traded Fund, and meeting the prescribed conditions. The definition also covers funds where all units other than those held by a sponsor or manager are held by non-residents, subject to a limited resident-holding exception, and includes the investment division of an offshore banking unit registered as a Category I foreign portfolio investor that meets the prescribed conditions, including separate accounts.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Specified fund definition covers IFSC funds, non-resident unit holding conditions, and offshore banking unit investment divisions.
"Specified fund" means an eligible fund established or incorporated in India and located in an International Financial Services Centre, registered as a Category III Alternative Investment Fund or as a retail scheme or Exchange Traded Fund, and meeting the prescribed conditions. The definition also covers funds where all units other than those held by a sponsor or manager are held by non-residents, subject to a limited resident-holding exception, and includes the investment division of an offshore banking unit registered as a Category I foreign portfolio investor that meets the prescribed conditions, including separate accounts.
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