Mar 11, 2019
CBDT allows offshore fund managers to operate from India
The seeds that were sown by the government in ‘the 2015-16 Budget are starting to bear fruit. The Central Board of Direct Taxes (CBDT) has started paving the way for offshore fund managers to relocate to India for managing their offshore funds without having to face any adverse tax consequences. This is being done for the public markets space, mainly foreign portfolio investors (FPI) structures. Several fund managers have, in recent days, finally made the cut and got the pre-approvals from the CBDT (under Section 9A of the Income Tax Act). Approvals were given three days back for a set of FPI fund managers, said industry experts.