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Modification in conditions for offshore funds’ exemption from “business connection”.

..... ect of offshore funds by providing them exemption from creating a business connection in India on fulfilment of certain conditions. It provides that in the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund. Further, an eligible investment fun .....

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..... und manager, who is resident in India, is required to invest his money as skin in the game to create reputation to attract investment. One other condition for eligibility of the fund provided under clause (j) of said sub-section (3) requires that the monthly average of the corpus of the fund shall not be less than one hundred crore rupees except where the fund has been established or incorporated .....

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..... that this results in anomaly as certain funds due to its date of establishment and incorporation get favoured or discriminated against. Accordingly, it is proposed to amend section 9A of the Act to relax these two conditions so as to provide that,- (i) for the purpose of calculation of the aggregate participation or investment in the fund, directly or indirectly, by Indian resident, contribution o .....

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