June 2016

SEBI Proposes New Warehousing Norms

Pursuant to the merger of SEBI and the Forward Markets Commission, commodity derivatives exchanges have to frame norms for warehouse service providers (WSP), warehouses, assayers etc. for ensuring sound delivery of commodities during settlement. To strengthen these norms, SEBI recently published a consultation paper proposing new warehousing norms for agricultural and agri-processed commodities traded on…

Safe Harbour for Eligible Investment Funds and Eligible Fund Managers

Non-resident investment funds usually have their fund managers located offshore, to not attract Indian tax liability. For encouraging offshore fund managers to relocate to India, Section 9A was inserted into the Income Tax Act, 1961, which provides a safe harbour to non-resident investment funds from being regarded as tax residents in India, merely by virtue…

SEBI Circular on Offshore Derivative Instruments

The Third SIT Report on Black Money had recommended that SEBI establishes a disclosure mechanism for subscribers of Offshore Derivative Instruments, to ensure that, the names of the ultimate beneficial owners or promoters/directors who controlled the entities which subscribed to ODIs were adequately disclosed. The SEBI (Foreign Portfolio Investors) Regulations, 2014 and the subsequent circulars…

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