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of <h1>Govt Issues Notification No. 59/2022: New Rules for Investment Funds & Managers Under Income-tax Act, Section 9A.</h1> The Central Government has issued Notification No. 59/2022, specifying conditions for eligible investment funds and fund managers under sub-section (8A) of section 9A of the Income-tax Act, 1961. For eligible investment funds, certain clauses of sub-section (3) are exempt, and clause (k) is modified to clarify that monitoring mechanisms, such as appointing directors, do not constitute daily operational participation in India. For eligible fund managers, clause (b) of sub-section (4) is modified, requiring registration as a portfolio manager or investment advisor under the International Financial Services Centres Authority regulations. The notification is effective from its publication date.
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