Transfer involved in securities lending excluded from transfer for capital gains, with transferee cost fixed at transfer value. A transfer in a scheme for lending of securities under an agreement with the borrower and subject to SEBI and RBI guidelines is not regarded as a transfer under section 47(xv); it applies to any transferor or transferee, covers securities as defined by the SEBI/RBI guidelines, and fixes the transferee's cost as the value at which the transfer takes place.