Sub-custody guide: India
In January 2014, the Securities and Exchange Board of India (Sebi) implemented the Sebi (Foreign Portfolio Investors) Regulations 2014 designed to rationalise foreign investments made into India by portfolio investors such as foreign institutional investors and qualified foreign investors.
The regulations were introduced to make the Indian market a
more attractive investment destination and include easier entry norms and
operational framework for foreign entities. The FPI regime provides for a
unified regulatory framework for former foreign institutional investors and
qualified foreign investors.
As per an announcement by Sebi following its board meeting
on December 24 2013, the Department of Economic Affairs communicated to the
Central Board of Direct Taxes and Sebi that all categories of foreign portfolio
investors – foreign institutional investors/sub-accounts and qualified foreign
investors – be given a similar tax treatment to that available to foreign
institutional investors.
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