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of <h1>Schedule to section 9(12) creates safe harbour for non-resident investment funds and managers meeting thresholds and safeguards</h1> A Schedule to section 9(12) creates a safe harbour excluding certain non-resident investment funds and their managers from constituting a business connection in India if objective thresholds and structural safeguards are met: non-resident status, Indian resident participation limits (5% cap - Act counts direct holdings only, Bill counted direct and indirect), minimum unconnected membership, concentration and single-investor caps, corpus floor (INR 100 crore with start-up/wind-up relief), independent registered fund manager with prescribed remuneration and profit caps, and filing requirements. The Act broadens executive power to relax conditions for IFSC managers and updates cross-references to current SEBI regulations.
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