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The Central Government specifies that a non-resident Eligible Foreign Investor acts as a Foreign Institutional Investor for securities transactions on a recognised stock exchange located in an International Financial Services Centre. The investor operates under the specified circular of the Securities and Exchange Board of India. The consideration for the transaction uses foreign currency.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th March, 2020
S.O. 1057(E).—In exercise of the powers conferred by clause (a) of the Explanation to section 115 AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that a non- resident being an Eligible Foreign Investor which operates in accordance with the Securities and Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017, shall be deemed as Foreign Institutional Investor (FII) for the purposes of transactions in securities made on a recognised stock exchange located in any International Financial Services Centre (IFSC), where the consideration for such transaction is paid or payable in foreign currency.
Explanation. - for the purpose of this notification, -
[Notification No. 17/2020/ F. No. 173/10/2014-ITA-I] GULZAR AHMAD WANI, Under Secy.
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