Subsection 2 of section 11aa of the sebi act pdf

This specific amendment has been brought into effect retrospectively i. Also, by means of a new provision, section 11 2 ib, being inserted in the sebi act, sebi now enjoys the power to call for or provide information to any authority in india or outside, which has functions similar to sebi. Definitions chapter ii establishment of the securities and exchange board of india 3. Interim order in the matter agri gold farm estates india private limited free download as pdf file. Service tax act chapter v of the finance act, 1994. Download service tax e book 10th edition budget 2016 file. Securities and exchange board of india act, 1992 india code. Reference was also made to section 32 of the sebi act and it was submitted that the provisions of sebi act are in. Section 11aa provides for the conditions to determine whether a scheme or arrangement is a collective investment scheme. An act to provide for the establishment of a board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto. Section 11aa in the securities and exchange board of india act, 1992.

Section 121b of the sebi act mandates that no person, shall sponsor or cause to be. In fact, section 2 29i of the companies act defines court the high court having jurisdiction in relation to the place at which the registered office of the company concerned is situated etc. Free essays, homework help, flashcards, research papers, book reports, term papers, history, science, politics. As a matter of preliminary inquiry into whether or not ghfl is carrying on the activities of collective investment scheme in terms of section 11aa of the sebi act, 1992 hereinafter referred to as sebi act, sebi vide letter dated may 5, 2014 inter alia, sought the following information fr om ghfl regarding its business activities viz.

Sebi examined the nature of ofcds issued by saharas and came to the conclusion that ofcds issued would come within the definition of securities as defined under section 2 h of scr act. Deduction under section 80g of income tax act, 1961 for. Securities and exchange board of india act, 1992 sebi. Arrear recovery manual for central excise, customs and. In one such case 2 the steps undertaken and the oversight and control exercised by sebi for the protection of the investors over the investment schemes were resisted by the opposite party on the ground that the scheme in question was not covered under the definition of cis under section 11aa. The first condition, under section 11aa 2, is that the contributions or payments made by the investors, by whatever name called, are pooled and utilised for the purposes of the. This probably, is the reason why the government has given tax benefits on donations. Securities mentioned under section 3 of sebi act, 1992.

Audit schedule shall be submitted to sebi atleast 2 months in advance, along with. Service tax e book 10th edition containing budget 2016 changes. Sub section 2 of section 11aa provides that any scheme or arrangement made or offered by any company under which i the contributions, or payment made by the. Tax management india one stop solution for gst, income. It was pointed out that sections 11a and 11b of sebi act should be read as provisions additional to section 55a. Interim order in the matter of garima homes and farmhouses. June 23, 2016 please read section 26 of the companies act, 20 100% fixed price issue commercial syn bags limited our company was originally incorporated as commercial synbags private limited at indore, madhya pradesh as a private limited company under the provisions of the companies act, 1956 vide certificate of incorporation dated december 10, 1984 issued by. Sebi has jurisdiction in respect of cis offered by trust. Securities and exchange board of india act, 1992 bare acts live. Sections 11 and 11b of act of the deals with the directions. Sebi also found that those ofcds issued to the public were in the nature of hybrid securities, marketable and would not fall outside the genus of debentures. Securities and exchange board of india act, 1992 as amended by the securities lawsamendment act, 2014 sections chapter i preliminary 1. Sebi and its power to issue directions pen acclaims.

Securities mentioned under section 2 of sebi act, 1992. Section 2 29ii of the act speaks of district court and section 29iii deals with the court of session, section 29iv pertains to the. Interim order passed in the matter parivar dairies goat. Draft notification of amendment of income tax rule 17a and. Order in the matter of capacious farming private limited. Needless to say that the corpus of money accumulated by the appellants by way of contributions to the holiday scheme is well above the limit of inr 100 crore set under the proviso of clause 1 of subsection 2 of section 11aa of the sebi act. As all the four conditions specified under section 11aa 2 of the sebi act are satisfied in this case, the schemes plans promoted, launched, carried on and operated by the company are in the nature of cis in terms of section 11aa 1 of the sebi act. Thus when amounts are taxed under section 11 3 the benefit which would have been available to a trust in respect of 25 per cent of its income or rs. As per the rules, the application, for registration of charitable or religious trusts under section 12a of the act, is to be made in form 10a. The securities and exchange board of india amendment act, 2002. Section 10 of it amendment act 2008 discusses the provision of power to make rules. In view of these facts, the holiday plans offered by citrus satisfy the condition stipulated in section 11aa 2 i of the sebi act. The amount donated towards charity attracts deduction under section 80g of the income tax act, 1961.

The contributions or payments are made to such scheme or arrangement by the investors with a view to receive profits, income, produce or property, whether movable or immovable from such scheme or arrangement. Annual report ministry of finance budget division pdf. Interim order in the matter citrus check inns investment. Interim order in the matter agri gold farm estates india. Securities and exchange board of india act, 1992 sections chapter i preliminary 1. Section 11aa in the securities and exchange board of india. The aforesaid section 11aa, which provides for the conditions to determine whether a scheme or arrangement is a collective investment scheme, reads as follows. Arrear recovery manual for central excise, customs and service tax page 2 the arrears of revenue have been piling up over the years due to which it has been felt necessary to compile a hand book of all legal provisions, including instructions,on the subjects for guidance and use of the officers. We also hold that the activity of the pgf limited, namely, the sale and development of agricultural land squarely falls within the definition of collective investment scheme under section 2 ba read along with section 11aa ii of the sebi act and consequently the order of the second respondent dated 06. Section 11aa, which provides for the conditions to determine whether a scheme or arrangement is a collective investment scheme, reads as follows. Inspite of all the contributions made to social causes, there is a huge gap between the demand of money from the needy and the amount donated by philanthropists. A declaration has been made under the provisional collection oftaxes act, 1931 in respect of clauses 8 i, 142 i, 143 i, 159, 231 and 232 of the financebill, 2016 so that changes proposed therein take effect from the midnight of 29 th february 1 st march, 2016. All accounting standards notified under section 145 2 authority for advance rulings procedure rules, 1996 bank term deposit scheme, 2006 banking cash transaction tax rules, 2005 black money undisclosed foreign income and assets and imposition of tax rules, 2015 capital gains accounts scheme, 1988 centralised processing of returns scheme. Unless otherwise stated, all changes in rates of duty take effect from the midnight of 29 th february 1 st march, 2016.

Before the securities appellate tribunal mumbai date of hearing. Major p c thakur vs securities and exchange board of india. Having discussed the above, i note that a scheme, in order to qualify as a cis, has to satisfy all the four conditions mentioned in section 11aa 2 of the sebi act. Collective investment scheme has been defined in section 2 ba to mean any scheme or arrangement which satisfies the conditions specified in section 11aa.