Revision in clubbing provisions for Foreign Portfolio Investors (FPI).
Global Tax Update : January 2019 / India
Securities Exchange Board of India (SEBI), the regulator for capital markets in India had prescribed* that for the purpose of monitoring 10 per cent investment limits, investments made by FPIs would be clubbed on the basis of common (more than 50%) beneficial ownership, common control as well as common senior managing official (SMO).
This newsletter explains the following topics;
1. Revision in clubbing provisions for Foreign Portfolio Investors (FPI).
2. The central government issues notifications on subsidiarisation of foreign banks in India**
3. EPFO specifies standard procedure for issue of COC beyond period mentioned in SSA
* CIR/IMD/FPIC/CIR/P2018/64 dated 10 April 2018
** Under section 115JG of Income-tax Act, 1961
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* This Article is based on the relevant Japanese or specific country’s tax law and other authorities in effect on the date of this Article. This Article would not be guaranteed updating if there are any changes in Japanese tax law, any other law, or interpretations by the courts or tax authorities thereof after the date of this Article.