MINISTRY OF FINANCE
                                           (Department of Revenue)
                                 (CENTRAL BOARD OF DIRECT TAXES)
                                                NOTIFICATION
                                       New Delhi, the 13th March, 2020
        S.O. 1057(E).--In exercise of the powers conferred by clause (a) of the Explanation to section
115 AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that a non-
resident being an Eligible Foreign Investor which operates in accordance with the Securities and
Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th January, 2017, shall be
deemed as Foreign Institutional Investor (FII) for the purposes of transactions in securities made on a
recognised stock exchange located in any International Financial Services Centre (IFSC), where the
consideration for such transaction is paid or payable in foreign currency.






       Explanation. - for the purpose of this notification, -
       (a)   "International Financial Services Centre" shall have the same meaning as assigned to it in
             clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);
       (b)   "recognised stock exchange" shall have the same meaning as assigned to it in clause (ii) of
             Explanation 1 to clause (5) of section 43 of the Income-tax Act, 1961;
       (c)   the expression "securities" shall have the same meaning as assigned to it in clause (h) of
             section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956)







                                                        [Notification No. 17/2020/ F. No. 173/10/2014-ITA-I]
                                                                       GULZAR AHMAD WANI, Under Secy.




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