Article

Regulatory Tax Alerts

Tracking change

2020

25 March 2020

Relaxation of tax and regulatory compliance timelines due to COVID-19 outbreak

Tax and regulatory payments and compliance filings deferred due to COVID-19 outbreak in India

The Finance Minister (FM), Nirmala Sitharaman held a press conference1 on Tuesday 24 March 2020 to announce various relief measures taken by the government on statutory and regulatory compliance matters in view of the outbreak of COVID–19. The decisions with respect to various compliance matters are summarised hereunder:

Income-tax:

  • Due date for filing belated and revised return of income per section 139(4) and 139(5) respectively for financial year (FY) 2018-19 relevant to Assessment Year 2019-20, extended from 31 March 2020 to 30 June 2020.
  • Pursuant to section 139AA of the Income-tax Act, read with Rule 114AAA(1), person having Permanent Account Number (PAN) is required to intimate/link his Aadhaar number on or before 31st March 2020. Failure to do so shall make the PAN inoperative immediately after 31 March 2020. Extension has been granted for linking of Aadhaar with PAN from 31 March 2020 to 30 June 2020.
  • Under the Vivad se Vishwas Act, if a taxpayer opts under the Act for withdrawal of appeals, the taxpayer is required to pay 100 percent of the disputed tax if paid by 31 March 2020, and if paid after 31 March 2020, 110 percent of the disputed tax is payable. Under the relief measures announced on Tuesday, additional 10 percent amount shall not be payable if the amount is paid by 30 June 2020.
  • Due date of issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer, including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT law, Equalisation Levy law, Vivad Se Vishwas law where the time limit is expiring between 20th March 2020 to 29th June 2020, shall be extended to 30th June 2020.
  • Delay in deposit of advance tax (section 234B / 234C of the Income-tax Act (ITA)), self-assessment tax (Section 234A of the ITA), regular tax (Section 220(2) of the ITA), TCS (Section 206C of the ITA), equalisation levy (Section 170 of the Finance Act (FA) 2016), Securities Transaction Tax (STT) (section 104 of the Finance (No.2) Act 2004), Commodities Transaction Tax (CTT) (section 123 of the FA 2013) attracts interest of 1 percent per month. Delay in deposit of TDS (Section 201 of the ITA), attracts interest 1.5 percent per month.

It has been decided that for delayed payments made during 20 March 2020 to 30 June 2020, interest of 9 percent per annum (i.e. 0.75 percent per month) will be charged for this period.

Goods and Services Tax:

  • Due date of filing return under Form GSTR-3B for taxpayers having aggregate annual turnover of more than INR 5 crore, has been proposed to be relaxed for returns due in March 2020, April 2020 and May 2020 till last week of June 2020. However, interest at 9 percent from 15 days after the relevant due date (as opposed to the current 18 percent) would be charged. No late fee or penalty would be charged.
  • Taxpayers having aggregate annual turnover less than INR 5 crore would also be allowed to file return under Form GSTR-3B for returns due in March 2020, April 2020 and May 2020, till last week of 30 June 2020. No interest, late fee, and penalty would be charged.
  • Due date of filing annual return in Form GSTR-9 for the FY 2018-19 has been extended till 30 June 2020.*
  • Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20 March 2020 to 29 June 2020, has been proposed to be extended to 30 June 2020.

Legal circulars and legislative amendments to give effect to the aforesaid GST proposals shall be issued with the approval of GST Council.

*Notification no. 15/2020 – Central Tax dated 23 March 2020 has already been issued in relation to the extension of due date for filing annual return for FY 2018-19.

Customs:

  • Customs clearance on 24X7 basis proposed till 30 June 2020.
  • Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents etc., time limit for any compliance under the Customs Act and other allied laws where the time limit is expiring between 20 March 2020 to 29 June 2020, has been proposed to be extended to 30 June 2020.

Sabka Vishwas - (Legacy Dispute Resolution) Scheme, 2019:

  • Payment date under Sabka Vishwas - (Legacy Dispute Resolution) Scheme, 2019 has been proposed to be extended to 30 June 2020. Interest for this period would not be charged, if payment is made by 30 June 2020.

Corporate Laws:

  • Waiver of additional fees for delay in filing of any form, document, return, statement etc. with Ministry of Corporate Affairs (MCA), during the moratorium period starting from 1 April 2020 to 30 September 2020. This will allow non-compliant companies/ LLPs to clear their backlog of pending filings and make a 'fresh start'.
  • The maximum time gap to hold meeting of Board of Directors’ under Companies Act, 2013 (the 2013 Act) (viz., 120 days) has been extended by 60 days for quarter ending 30 June 2020 and 30 September 2020. In other words, time gap between two consecutive board meetings can be 180 days for this period.
  • The recently notified Companies (Auditor’s Report) Order, 2020 will be applicable from FY 2020-2021 instead of FY 2019-2020.
  • Inability to hold separate meetings of Independent Directors (without the attendance of non-independent directors and members of the management) in FY 2019-2020, will not be considered as non-compliance with the provisions of Schedule IV of the 2013 Act. Independent Directors may share their views amongst themselves through telephone / e-mail or other mode of communication as they deem fit.
  • Timelines for creation of deposit repayment reserve of 20% of the deposits maturing during FY 2020-2021 relaxed from 30 April 2020 till 30 June 2020.
  • Requirement to invest 15 percent of debentures maturing during FY 2020-2021 in specified instruments, extended from 30 April 2020 to 30 June 2020.
  • Additional time period of 6 months allowed to newly incorporated companies to file a declaration for Commencement of Business (in Form INC-20A). Accordingly, the newly incorporated companies can file form INC-20A within 1 year of its incorporation.
  • Inability to meet minimum residency requirement of stay in India for 182 days by at least one director, shall not be treated as a violation for FY 2019-20.
  • In order to prevent triggering of insolvency proceedings against MSMEs, the thresholds for default under section 4 of Insolvency and Bankruptcy Code, 2016 (IBC 2016) has been raised to INR 10 million (from the existing threshold of INR 100,000).

If COVID-19 outbreak continues beyond 30 April 2020, the government may consider suspending section 7, 9 and 10 of the IBC 2016 for a period of 6 months to stop companies at large from being forced into insolvency proceedings in such force majeure causes of default.

Financial services:

Following relaxations announced with respect to banking related transactions for a period of 3 months:

  • No charges to be levied on cash withdrawal through Debit Card from any other bank’s ATM.
  • Waiver of fees for maintaining minimum balance requirement.
  • Reduction in bank charges for digital trade transactions for all trade finance consumers.

Observations:

Considering the difficulties being faced by the industry in adhering to the due dates for compliances under direct tax, indirect tax and company laws, the announcements of the government should benefit India Inc at this time of lockdowns due to outbreak of COVID-19.

The timeline for filing of Advance Pricing Agreements (APA) which is due by 31 March, 2020 and CbC report related Forms i.e Form 3CEAC and 3CEAD which is due for filing between March 20, 2020 to June 29, 2020 (depending on the accounting year of the parent entity) shall be extended to June 30, 2020.
Reporting statements in Form 61, 61A, 61B etc due by 31 May 2020, should also be extended till 30 June 2020.

This is only a Press Release and so the circular and legislative amendments will need to be looked into for the actual amendments in the respective sections of the Acts.

The Supreme Court vide its order dated 23 March 2020 in SUO MOTU WRIT PETITION (CIVIL) No(s).3/2020 IN RE : COGNIZANCE FOR EXTENSION OF LIMITATION, “has taken Suo Motu cognizance of the situation arising out of the challenge faced by the country on account of Covid-19 Virus and resultant difficulties that may be faced by litigants across the country in filing their petitions/applications/suits/ appeals/all other proceedings within the period of limitation prescribed under the general law of limitation or under Special Laws (both Central and/or State). To obviate such difficulties and to ensure that lawyers/litigants do not have to come physically to file such proceedings in respective Courts/Tribunals across the country including this Court, it is hereby ordered that a period of limitation in all such proceedings, irrespective of the limitation prescribed under the general law or Special Laws whether condonable or not shall stand extended w.e.f. 15th March 2020 till further order/s to be passed by this Court in present proceedings. We are exercising this power under Article 142 read with Article 141 of the Constitution of India and declare that this order is a binding order within the meaning of Article 141 on all Courts/Tribunals and authorities.”

1https://pib.gov.in/PressReleseDetail.aspx?PRID=1607942

Source: Press release issued by Ministry of Finance dated 24 March 2020, General Circular no. 11/2020 dated 24 March 2020 issued by MCA, Notification no. S.O. 1205(E) dated 24 March 2020 issued by MCA.

24 March 2020

Foreign Direct Investment (FDI) Policy on Civil Aviation Sector

Government of India has issued Press Note 2 (2020 Series) on 19 March 2020 on FDI Policy on Civil Aviation sector and thereby, has amended certain provisions in the existing policy

Background:

With a view to attract NRI investment in civil aviation sector and to pave way for more bidders for Air India, the Department for Promotion of Industry & Internal Trade (DPIIT) has issued a Press Note No. 2 (2020 Series) dated 19 March 2020 for liberalising and simplifying FDI policy provisions.

The said amendments shall take effect from the date of FEMA notification amending the FDI Regulations.

Highlights of the amendments in the FDI Policy as per the Press Note are summarised below.

Key Amendments

  • Scheduled Air Transport Services:

To align with Schedule XI of Aircraft Rules 1937, Air Operator Certificate to operate scheduled air transport services (including Domestic Scheduled Passenger Airline or Regional Air Transport Service) can also be granted to a body corporate in addition to a company subject to the conditions that:

-     it is registered and has its principal place of business within India;

-     the Chairman and at least two-thirds of its Directors are citizens of India; and

-     it’s substantial ownership and effective control is vested in Indian nationals.

  • Foreign investment in M/s Air India Ltd:

-     Presently, foreign investment(s) is restricted to only 49 percent in case of M/s Air India. In light of the proposed strategic disinvestment it has now been decided that foreign investment in M/s Air India Ltd., including that of foreign airline(s), shall not exceed 49 percent either directly or indirectly except in case of those NRIs, who are Indian nationals, where foreign investment(s) is permitted up to 100 percent under automatic route.

-     It is also explicitly provided that substantial ownership and control of M/s Air India Ltd. shall continue to vest with Indian nationals as specified under Aircraft Rules, 1937.

  • Further, it has been clarified that any investment by foreign airline(s) in companies operating in air transport services, including in M/s Air India Ltd, shall be in compliance with the conditions of limits and entry route, government approval route, compliance with the relevant regulations of SEBI, security clearance etc. 

Conclusion:

The amendment in FDI policy will permit foreign investment in M/s Air India Ltd. at par with other scheduled operators and shall pave the way for strategic disinvestment thereby opening doors for NRIs to collectively acquire substantial stake in India’s national carrier.

Formal amendments to FEMA Regulations for giving effect to the above announcement, are awaited.

Source:
Press Note No. 2 (2020 Series) dated 19 March, 2020 issued by Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry.

2 March 2020

Government notifies 100% FDI under Automatic route for Insurance Intermediaries

FDI relaxation for Insurance Intermediaries and clarification on local sourcing norms for Single Brand Retail Trading

Background:

Finance Minister on 5 July 2019 had announced in the Budget speech that the FDI limit in insurance intermediaries will be increased from 49 percent to 100 percent. Subsequently, on 2 September 2019, the government amended the Indian Insurance Companies (Foreign Investment) Rules 2015 (Rules), increasing the limit on FDI in insurance intermediaries to 100 percent and had prescribed other conditions. However, the Consolidated Foreign Direct Investment Policy of 2017 (FDI Policy) was not amended with respect to increase in limit of FDI in insurance intermediaries from 49 percent to 100 percent and other conditions mentioned in the Rules.

Department for Promotion of Industry & Internal Trade (DPIIT) has now issued a Press Note No. 1 (2020 Series) dated 21 February 2020, and amended the Consolidated Foreign Direct Investment Policy of 2017 (FDI Policy), as regards the insurance sector to align the same with the Rules. The said amendments shall take effect from the date of FEMA notification amending the FDI Regulations.

Further, DPIIT has issued a clarification on FDI Policy on Single Brand Retail Trading (SBRT) on 25 February 2020, based on various representations received from the industry to provide clarity on the local sourcing norms for SBRT sector.

Key highlights:

  • FDI Policy in Insurance sector

- Intermediaries or insurance intermediaries including insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrators, surveyors and loss assessors and such other entities as may be notified by the Insurance Regulatory and Development Authority of India (IRDAI) will now be eligible to receive 100 percent FDI under the automatic route.

- The requirement of being Indian owned and controlled shall not be applicable to intermediaries and insurance intermediaries.

- FDI will be allowed under automatic route subject to verification by IRDAI and will be governed by the Indian Insurance Companies (Foreign Investment) Rules 2015.

- Insurance intermediaries that have majority shareholding of foreign investors shall comply with the following:

- To be incorporated as a limited company under the Companies Act, 2013;

- At least one from amongst the Chairperson of the Board of Directors or Chief Executive Officer or Principal Officer or Managing Director of the said intermediary shall be a resident Indian citizen;

- Prior permission of the IRDAI to be obtained for repatriation of dividend;

- To bring in latest technological, managerial and other skills;

- Shall not make payments to the foreign group or promoters or subsidiary or interconnected or associate entities beyond what is necessary or permitted by IRDAI;

- To ensure timely disclosure in the formats as specified by the IRDAI for all the payments made to the foreign group or promoters or subsidiary or interconnected or associate entities;

- Ensure compliance for the composition of the Board of Directors and key management persons as specified by the concerned regulators.

- The other conditions enumerated in Press Note 1 (2020 Series) for FDI in the insurance sector shall continue to apply.

  • Clarification on SBRT

- As per the extant FDI Policy, with respect to the proposals involving foreign investment beyond 51 percent, sourcing of 30 percent of the value of goods procured is required to be done from India.

As regards sourcing of goods from units located in Special Economic Zone (SEZs) in India, it has been clarified that sourcing of goods from such units would qualify as sourcing from India for the purpose of 30 percent mandatory sourcing from India, for the proposals involving FDI beyond 51 percent subject to Special Economic Zones Act, 2005 and other applicable laws / rules / regulations.

- It has also been clarified that the goods proposed to be sourced by an SBRT entity from such SEZ unit should also be manufactured in India.

Conclusion:

The above relaxation will boost foreign investment in insurance intermediaries. Relaxation would become effective once the same is notified under Foreign Exchange Management (Non-debt Instruments) Rules, 2019.
The clarification on local sourcing norms for SBRT would benefit SBRT entities which are sourcing goods from units located in SEZs that are manufactured in India.

Source: Press note No. 1 (2020 Series) dated 21 February 2020 and Clarification dated 25 February 2020 issued by Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry.

6 February 2020

Provisions allowing takeover offer pursuant to any compromise or arrangement for unlisted companies

Government notifies takeover norms for unlisted companies

Background:

The government proposes to notify provisions of section 230(11) and 230(12) of the Companies Act, 2013 (2013 Act). Section 230(11) deals with any compromise or arrangement that may include a takeover offer made in prescribed manner. For listed companies, such takeover offer has to be as per the regulations framed by the Securities and Exchange Board of India (SEBI).

Ministry of Corporate Affairs, Government of India (MCA) has issued draft notification to operationalise the provisions of section 230(11) and 230(12) of the 2013 Act. As a consequence, the MCA has also issued draft amendments to the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and National Company Law Tribunal Rules, 2016 (collectively referred to as the Rules).

Key highlights of the proposed amendments:

  • Any member who along with other member(s), holds 75 percent or more of the “shares” of the Company, can make an application for compromise or arrangement, for the purpose of takeover offer. Such an application should be made for acquiring any part of the remaining shares of the Company.

Note:

- The term “shares” has been defined to mean the equity shares of the company carrying voting rights, and includes any securities, such as depository receipts, which entitles the holder to exercise voting rights.

- Transfer or transmission of shares through a contract, arrangement or succession, or any transfer made in pursuance of any statutory or regulatory requirement do not form part of the above mechanism.

  • The application of compromise or arrangement for takeover offer shall contain a report of the registered valuer disclosing:

- The highest price paid by any person or group of persons for acquisition of shares during last 12 months; and
- The fair price of shares of the company taking into account valuation parameters including return on net worth, book value of shares, earning per share, price earning multiple vis-a-vis the industry average, and such other parameters as are customary for valuation of shares of such Company.

  • The acquiring member needs to open a separate bank account and deposit at least 50 percent of the total consideration payable under takeover offer.
  • If any person is aggrieved by the takeover offer, he may make an application to NCLT, which will decide the case on merits.
  • Takeover offer for listed companies will continue to be governed by SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • From an income-tax perspective, members may have to keep the following in mind while making offer for takeover:

- Withholding tax obligations and related compliances where offer is made to non-residents; and

- Implications of section 50CA and section 56(2)(x) of the Income-tax Act, 1961 for the Seller and Buyer of shares respectively.

Note: Section 50CA requires that where sale consideration on transfer of an unquoted share is less than its fair market value (FMV), capital gains be computed using such FMV as deemed sale consideration. Section 56(2)(x), similar to section 50CA, is an anti-abuse provision that taxes the buyer if he acquires or receives those shares at a price below the FMV. Rule 11UA/ 11UAA of the Income-tax Rules, 1962 requires FMV to be computed at net book value (after considering prescribed adjustments) of the company whose shares are being transferred.

Conclusion:

Once notified, the amendments will provide an opportunity to majority shareholders of unlisted company to acquire shares from the minority shareholders. These provisions are voluntary and its success depends on the acceptability of the proposal by the minority shareholders.
The amendments do not provide any definite timelines for completion of the offer. This may prolong the completion of the scheme of compromise or arrangement.
Formal notification in the Official Gazette is awaited.

 

Source: Draft notification dated 3 February 2020 issued by MCA notifying the provisions of Section 230 (11) and (12) of the Companies Act, 2013, Companies (Compromises, Arrangements and Amalgamations) (Amendment) Rules, 2020 and National Company Law Tribunal (Amendment) Rules, 2020.

28 January 2020

RBI relaxes debt investment norms for FPIs

RBI relaxes FPI debt investment norms and has re-opened the Voluntary Retention Route

Background:

Foreign Portfolio Investors (FPIs) are permitted to invest in Indian debt securities under two routes General Investment Limits Route and the Voluntary Retention Route (VRR). The investments made under the General Investment Limits Route are subject to certain restrictions relating to the maturity period of the instruments and the issue size. Under the Voluntary Retention Route, FPIs need to commit a minimum amount of investments for a specified period in India (at least 3 years) and the primary condition under this route is that 75% of the committed amount has to remain in India for the entire committed period.

Relaxations and amendments:

On 23rd January 2020, RBI announced a few relaxations in the General Investments Limits Route, increased the limits under VRR and reopened the allocation of investment limits under VRR.

General Investment Limits route

Existing framework: At any point in time, an FPI’s investment in bonds maturing within 1 year should not exceed 20% of its total investment in the respective category of bonds (e.g. government securities, corporate bonds).

Relaxation: The 20% threshold mentioned above has been increased to 30% which means an FPI’s investment in bonds maturing within 1 year can go upto 30% of the FPI’s total investment in the respective category of bonds.

Existing framework: FPI investments in security receipts are not subject to following restrictions applicable to corporate debt investments

- At the time of investment, the debt instrument should have minimum residual maturity of at least 1 year

- At any point in time, investments in securities maturing within 1 year should not exceed 20% (now 30%) of FPI’s total portfolio in corporate debt securities

- Investment by a single FPI or a group of related FPIs should not exceed 50% of the issue size of a debt security

Relaxation: Henceforth, the above-mentioned exemptions would also apply to investments in the following securities:

- Investments in debt instruments issued by Asset Reconstruction Companies

- Debt instruments issued by an entity under the Corporate Insolvency Resolution Process as per the resolution plan approved by the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016

This relaxation brings all types of debt investments in stressed assets in par with security receipts.

Voluntary Retention Route (VRR)

The relaxations / amendments in the VRR framework are as follows:

- The allocation of limits which were hitherto available upto 31 December 2019 has been re-opened effective 24 January 2020.
- The overall investment limits have been increased from INR 750 billion to INR 1.5 trillion
- FPIs which have been allotted investment limits under VRR can transfer their investments made under the general investments limits to VRR.
- Though mutual fund investments are not permitted under VRR, investments in exchange traded funds have been specifically allowed provided the exchange traded fund invests only in debt securities.

Our comments:

The increase in short-term investment threshold from 20% to 30% of the portfolio size would provide greater flexibility to FPIs in managing their debt portfolio under generic investment limits. Also, increase in VRR limits and re-opening of VRR limit allocations would be welcomed by FPIs since there have been significant debt investments under the VRR in the past 3-4 months.

Please refer Annexure for the updated regulatory framework for FPI investments in debt securities.

Annexure

General Investment Limits route

- FPI investments in debt securities under the “General Investment Limits” category are subject to overall limits prescribed by RBI from time to time. Currently, the overall limits are as follows:

Rupees in billion

 

 Long term FPIs*  Other FPIs
 Central Government securities1

 1151

 2461

 State Development Loans

 612

 71

 Corporate debt securities2

 3170

*Long term FPIs include Sovereign Wealth Funds, Multilateral Agencies, Endowment Funds, Insurance Funds and Foreign Central Banks 

- Investment by a single FPI or a group of related FPIs shall not exceed 15% (for long term FPIs) / 10% (for other FPIs) of the overall investment limits tabulated above.

- At all times (monitored on a day end basis), an FPI’s investment in Government Securities / State Development Loans maturing within 1 year shall not exceed 30 per cent of the FPI’s total portfolio in such securities.

- In respect of FPI investment in corporate debt securities, following restrictions apply:

- An FPI can invest only in those securities which have residual maturity of at least 1 year as on the date of investment.
- At all times (monitored on a day end basis), an FPI’s investment in corporate debt securities maturing within 1 year shall not exceed 30 per cent of the FPI’s total portfolio of corporate debt securities
- Investment by any FPI, including investments by other FPIs in the same investor group, shall not exceed 50 per cent of any issue of a corporate bond

The above three restrictions do not apply to FPI investments in following securities:

- Security Receipts
- Investments in debt instruments issued by Asset Reconstruction Companies
- Debt instruments issued by an entity under the Corporate Insolvency Resolution Process as per the resolution plan approved by the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016

- FPIs are not permitted to invest in partly paid debt instruments

- FPI investment in non-equity (i.e. debt) oriented mutual funds are subject to following conditions:

- FPI investments in debt mutual funds included for the purpose of above limits

- ­FPIs are not permitted to invest in overnight funds, liquid funds, money market funds, short term debt funds and ultra-short term debt funds

Voluntary Retention Route (VRR)

- Under this route, an FPI needs to commit a specific amount of investment and the retention period (minimum three years) for which it will remain invested.

- Once the limits are allocated, the FPI needs to invest at least 75 per cent of the total -committed amount within a period of three months

- Under this route, investments can be made in any debt securities permissible for FPIs except for unit of debt mutual funds. However, investments in exchange traded funds (which invest only in debt securities) are specifically permitted under this route.

- FPIs can also undertake repo and reverse repo transactions under this route

- The total investments by all FPIs taken together under VRR are currently capped at Rupees 1.5 trillion. Allocation of limits to FPIs are facilitated by Clearing Corporation of India Limited on an application made by the respective custodian. The allocation of limits can be on tap basis or through auction mechanism depending upon the utilization level of this limit.

- During the retention period, 75 per cent of the committed amount remains to be in India either in the form of cash or invested in debt securities

- An FPI can participate in repos for their cash management, provided that the amount borrowed or lent under repo shall not exceed 10 per cent of their investment under VRR

- FPIs investing under this route shall be eligible to use any currency or interest rate derivative instrument, 0ver the counter (OTC) or exchange traded, to manage their interest rate risk or currency riskhe amount borrowed or lent under repo shall not exceed 10 per cent of their investment under VRR

1Source: https://www.ccilindia.com/FPIHome.aspx

2Source: https://www.fpi.nsdl.co.in/web/Reports/ReportDetail.aspx?RepID=1

Did you find this useful?