Presence of Eligible Fund Manager in India not to constitute Business Connection in India – Section 9A

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....ted in India. [ Section 9A(2) ] * Eligible Investment Fund * The eligible investment fund means a fund established or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely:- a. The fund is not a person resident in India; b. The fund should be a resident of a country or a specified territory with which India entered into DTAA as per section 90 or section 90A;  c. From 01.04.2025 - The aggregate participation or investment in the fund, directly, by persons resident in India does not exceed 5% of the corpus of the fund [as on the first day of April and the first day of October of the previous year; ....

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.... directly or indirectly, in the fund exceeding 10%.; g. The aggregate participation interest, directly or indirectly, of ten or less members along with their connected persons in the fund, shall be less than 50%.; h. The fund shall not invest more than 20% of its corpus in any entity; i. The fund shall not make any investment in its associate entity; j. The monthly average of the corpus of the fund shall not be less than Rs. 100 crore: provided that if the fund has been established or incorporated in the previous year, the corpus of fund shall not be less than Rs. 100 crore at the end of a period of 12 months from the last day of the month of its establishment or incorporation; however, this condition shall not be applicable to a ....

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....nce with the specified regulations; * the person is acting in the ordinary course of his business as a fund manager; * the person along with his connected persons shall not be entitled, directly or indirectly, to more than twenty per cent. of the profits accruing or arising to the eligible investment fund from the transactions carried out by the fund through the fund manager. [ Section 9A(4) ] * Furnishing Statement or Information by an eligible investment fund  * Every eligible investment fund shall, in respect of its activities in a financial year, furnish within 90 days from the end of the financial year, a statement in the form Form No.3CEK, to the prescribed income-tax authority containing information relating to * the f....

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....Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 or * Such Regulation has been replaced by the Securities And Exchange Board of India (Portfolio Managers) Regulations, 2020 * the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, or * such other regulations made under the Securities and Exchange Board of India Act, 1992, which may be notified by the Central Government under this clause *  the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 [ Notification No. 27/2019 dated 20.03.2020 ] Important Notification & Circulars * The Central Government hereby notifies that the conditions specified in clauses (e), (f) and (g) of secti....