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of <h1>New Tax Rule Allows Stock Exchanges to Invest in Promoted Companies' Equity Shares with 51% Ownership Mandate Under Rule 17C</h1> The Income-tax (Tenth Amendment) Rules, 2006, issued by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962, with retrospective effect from November 26, 1999. The amendment introduces a new clause in rule 17C, allowing recognized stock exchanges to invest in the equity shares of companies they promote to acquire membership rights of other stock exchanges. This investment must ensure at least 51% of the equity is held by the stock exchange, with the remainder held by its members. This change aligns tax provisions with Securities and Exchange Board of India guidelines issued in 1999, facilitating regional stock exchanges' investments in subsidiaries.
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