Amendment of Section 10

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....ted.';            (ii) in Explanation 1, after the words "business of the first-mentioned person" occurring at the end, the words "and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration" shall be inserted;       (II) after clause (23D), the following clause shall be inserted with effect from the 1st day of April, 2014, namely:-            (23DA) any income of a securitisation trust from the activity of securitisation.           Explanation.-For the purposes of this clause,-                (a) "securitisation" shall have the same meaning as assigned to it,-                      (i) in clause (r) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, ....

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....bsp;           (A) has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the Venture Capital Funds Regulations) made under the Securities and Exchange Board of India Act, 1992; (15 of 1992) or                    (B) has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (hereinafter referred to as the Alternative Investment Funds Regulations) made under the Securities and Exchange Board of India Act, 1992, (15 of 1992) and which fulfils the following conditions, namely:-                         (i) it is not listed on a recognised stock exchange; &n....

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....vested in any venture capital undertaking in which its trustee or the settler holds, either individually or collectively, equity shares in excess of fifteen per cent. of the paid-up equity share capital of such venture capital undertaking; and                              (iii) the units, if any, issued by it are not listed in any recognised stock exchange; or                     (B) operating as a venture capital scheme made by the Unit Trust of India established under the Unit Trust of India Act, 1963;(52 of 1963)                 (c) "venture capital undertaking" means-                     (i) a venture capital undertaking as defined in clause (n) of regulation 2 of the Venture Capital Funds Regulations; or            ....

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....oviso in sub-clause (d) of the aforesaid clause (10D), so as to provide a higher limit of fifteen per cent. where the policy referred to in sub-clause (d) is for insurance on the life of any person who is,-- (i) a person with disability or a person with severe disability as referred to in section 80U; or (ii) suffering from disease or ailment as specified in the rules made under section 80DDB. This proviso shall apply in respect of an insurance policy, issued on or after 1st day of April, 2013.      Clause (10D) of the said section, inter alia, exempts any sum received under a life insurance policy other than a Keyman insurance policy.      Explanation 1 to clause (10D) defines a Keyman insurance policy to mean a life insurance policy taken by a person on the life of another person who is or was the employee of the first mentioned person or is or was connected in any manner whatsoever with the business of the first-mentioned person.      It is proposed to amend the said Explanation 1 to provide that a Keyman insurance policy which has been assigned to a person during its term, with or without consideration, shall ....