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The Central Government specifies conditions and modifications for eligible investment funds and eligible fund managers under section 9A of the Income-tax Act, 1961. Clause (e), clause (f), and clause (g) of sub-section (3) of section 9A do not apply to an eligible investment fund. Clause (k) of sub-section (3) of section 9A is modified so that the fund does not carry on or participate in day to day operations in India, except for a monitoring mechanism to protect the investment. Clause (b) of sub-section (4) of section 9A is modified for an eligible fund manager to require registration as a portfolio manager or an investment advisor under specific International Financial Services Centres Authority regulations. This notification comes into force on the date of its publication in the Official Gazette.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th June, 2022
S.O. 2602(E).—In exercise of the powers conferred by sub-section (8A) of section 9A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies that in case of an,—
[Notification No. 59/2022/F. No. 370142/11/2022-TPL] NEHA SAHAY, Under Secy.
