9911796707
TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... ten per cent",the words "fifteen per cent" had been substituted.'; (ii) in Explanation 1, after the words "business of the first-mentioned person" occurring at the end, the words "and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration" shall be inserted; (II) after clause (23D), the following clause shall be inserted with effect from the 1st day of April, 2014, namely:-- '(23DA) any income of a securitisation trust from the activity of securitisation. Explanation.--For the purposes of this clause,-- (a)"securitisation" shall have the same meaning as assigned to it,-- (i) in clause (r) of sub-regulation (1) of regulation 2 of the Securities and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1992 (15 of 1992) and the Depositories Act, 1996 (22 of 1996);'; (IV) in clause (23FB), for Explanation 1, the following Explanation shall be substituted, namely:-- 'Explanation.--For the purposes of this clause,-- (a) "venture capital company" means a company which-- (A) has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the Venture Capital Funds Regulations) made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); or (B) has been granted a certificate of registration as Venture Capital Fund as a sub-category of Cat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing conditions, namely:-- (i) it has invested not less than two-thirds of its investible funds in unlisted equity shares or equity linked instruments of venture capital undertaking; (ii) it has not invested in any venture capital undertaking in which its trustee or the settler holds, either individually or collectively, equity shares in excess of fifteen per cent of the paid-up equity share capital of such venture capital undertaking; and (iii) the units, if any, issued by it are not listed in any recognised stock exchange; or (B) operating as a venture capital scheme made by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963); (c) "venture capital undertaking" means-- (i) a venture capit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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