TMI BlogPresence of Eligible Fund Manager in India not to constitute Business Connection in India – Section 9AX X X X Extracts X X X X X X X X Extracts X X X X ..... through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund. An eligible investment fund shall not be said to be resident in India for the purpose of that section merely because the eligible fund manager, undertaking fund management activities on its behalf, is situated in India. The eligible investment fund means a fund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o account; The fund and its activities are subject to applicable investor protection regulations in the country or specified territory where it is established or incorporated or is a resident; The fund has a minimum of 25 members who are, directly or indirectly, not connected persons; Any member of the fund along with connected persons shall not have any participation interest, directly o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und shall not carry on or control and manage, directly or indirectly, any business in India; The fund is neither engaged in any activity which constitutes a business connection in India nor has any person acting on its behalf whose activities constitute a business connection in India other than the activities undertaken by the eligible fund manager on its behalf; The remuneration paid by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... namely:- the person is not an employee of the eligible investment fund or a connected person of the fund; the person is registered as a fund manager or an investment advisor in accordance with the specified regulations; the person is acting in the ordinary course of his business as a fund manager; the person along with his connected persons shall not be entitled, directly or indi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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