The government has eased personal account number (PAN) requirements for foreign investors in the international financial services centre. The requirement had been an impediment for category III alternative investment funds based out of the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC). The latest development would also help foreign investors on GIFT-based exchanges, according to an expert. A gazette notification on Tuesday said that section 139A, which requires people to get PAN numbers, would not apply to such investors. “The provisions of section 139A shall not apply to a non-resident, being an eligible foreign investor, who has made transaction only in a capital asset referred to in clause (viiab) of section 47 which are listed on a recognised stock exchange located in any International Financial Services Centre and the consideration on transfer of such capital asset is paid or payable in foreign currency,” it said.
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IFSCA joins Int l Org of Securities Commissions
By IANS |
Published on
Fri, Jan 1 2021 14:57 IST |
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Ministry of Finance. (File Photo: IANS). Image Source: IANS News
New Delhi, Jan 1 : The International Financial Services Centres Authority (IFSCA) has become an associate member of the International Organization of Securities Commissions (IOSCO).
IOSCO is the international organisation that brings together the world s securities regulators, covering more than 95 per cent of the world s securities markets, and it also sets the global standard for the securities sector.
The organisation also works closely with the G20 and the Financial Stability Board (FSB) in setting up the standards for strengthening the securities markets. The IOSCO Objectives and Principles of Securities Regulation have been endorsed by FSB as one of the key standards for sound financial systems.