Subsection 2 of section 11aa of the sebi act pdf

This specific amendment has been brought into effect retrospectively i. The securities and exchange board of india amendment act, 2002. Securities and exchange board of india act, 1992 as amended by the securities lawsamendment act, 2014 sections chapter i preliminary 1. 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. It was pointed out that sections 11a and 11b of sebi act should be read as provisions additional to section 55a. 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. Free essays, homework help, flashcards, research papers, book reports, term papers, history, science, politics. Deduction under section 80g of income tax act, 1961 for. Order in the matter of capacious farming private limited. Sebi and its power to issue directions pen acclaims. 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. Reference was also made to section 32 of the sebi act and it was submitted that the provisions of sebi act are in. Major p c thakur vs securities and exchange board of india.

Securities mentioned under section 2 of sebi act, 1992. Sections 11 and 11b of act of the deals with the directions. Interim order passed in the matter parivar dairies goat. Download service tax e book 10th edition budget 2016 file. 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. Sebi commands increased authority litigation, mediation. Securities and exchange board of india act, 1992 india code. Service tax e book 10th edition containing budget 2016 changes. The securities and exchange board of india act, 1992 no. 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. 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. Interim order in the matter citrus check inns investment.

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. 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. 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. Section 11aa in the securities and exchange board of india act, 1992. Securities and exchange board of india act, 1992 sections chapter i preliminary 1. 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. Section 121b of the sebi act mandates that no person, shall sponsor or cause to be. Annual report ministry of finance budget division pdf. Securities appellate tribunal has held that the fact that section 11aa 2 of the sebi act, 1992 refers to any scheme or arrangement made or offered by any company would not mean that the jurisdiction of sebi to regulate collective investment scheme cis is restricted to any scheme or arrangement made or offered by any company registered under the companies act, 1956.

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. Tax management india one stop solution for gst, income. The amount donated towards charity attracts deduction under section 80g of the income tax act, 1961. Section 11aa in the 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. Section 11aa provides for the conditions to determine whether a scheme or arrangement is a collective investment scheme.

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. Arrear recovery manual for central excise, customs and. This probably, is the reason why the government has given tax benefits on donations. Interim order in the matter of garima homes and farmhouses. Service tax act chapter v of the finance act, 1994. Securities and exchange board of india act, 1992 bare acts live. Definitions chapter ii establishment of the securities and exchange board of india 3. Unless otherwise stated, all changes in rates of duty take effect from the midnight of 29 th february 1 st march, 2016. 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. Securities and exchange board of india act, 1992 sebi. Securities mentioned under section 3 of sebi act, 1992. 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.

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. Interim order in the matter agri gold farm estates india private limited free download as pdf file. 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. Collective investment scheme has been defined in section 2 ba to mean any scheme or arrangement which satisfies the conditions specified in section 11aa. Before the securities appellate tribunal mumbai date of hearing. Section 11aa, which provides for the conditions to determine whether a scheme or arrangement is a collective investment scheme, reads as follows. Section 2 29ii of the act speaks of district court and section 29iii deals with the court of session, section 29iv pertains to the. 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. Sebi has jurisdiction in respect of cis offered by trust. 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. The aforesaid section 11aa, which provides for the conditions to determine whether a scheme or arrangement is a collective investment scheme, reads as follows. Audit schedule shall be submitted to sebi atleast 2 months in advance, along with. Interim order in the matter agri gold farm estates india. Section 10 of it amendment act 2008 discusses the provision of power to make rules.