(4D)any income accrued or arisen to, or received by a specified fund as a result of transfer of capital asset referred to in clause (viiab) of section 47, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in [convertible foreign exchange or as a result of transfer of securities (other than shares in a company resident in India) or any income from securities issued by a non-resident (not being a permanent establishment of a non-resident in India) and where such income otherwise does not accrue or arise in India or any income from a securitisation trust which is chargeable under the head "Profits and gains of business or profession", to the extent such income accrued or arisen to, or is received, is attributable to units held by non-resident (not being the permanent establishment of a non-resident in India) [or is attributable to the investment division of offshore banking unit, as the case may be,] computed in the prescribed manner].Explanation.—For the purposes of this clause, the expression—(a)"convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder;(aa)"investment division of offshore banking unit" means an investment division of a banking unit of a non-resident located in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA and which has commenced its operations on or before the 31st day of March, 2024;](b)"manager" shall have the meaning assigned to it in clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);(ba)"permanent establishment" shall have the same meaning assigned to it in clause (iiia) of section 92F;(bb)"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) and shall also include such other securities or instruments as may be notified by the Central Government in the Official Gazette in this behalf;(bc)"securitisation trust" shall have the same meaning assigned to it in clause (d) of the Explanation to section 115TCA;](c)"specified fund" means,—(i)a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate,—(I)which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or International Financial Services Centres Authority Act, 2019 (50 of 2019);(II)which is located in any International Financial Services Centre; and(III)of which all the units other than unit held by a sponsor or manager are held by [non-residents; or](ii)investment division of an offshore banking unit, which has been—(I)granted a certificate of registration as a Category-I foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and which has commenced its operations on or before the 31st day of March, 2024; and(II)fulfils such conditions including maintenance of separate accounts for its investment division, as may be prescribed;](d)"sponsor" shall have the meaning assigned to it in clause (w) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);(e)"trust" means a trust established under the Indian Trusts Act, 1882 (2 of 1882) or under any other law for the time being in force;(f)"unit" means beneficial interest of an investor in the fund and shall include shares or partnership interests;[(4E) any income accrued or arisen to, or received by a non-resident as a result of transfer of non-deliverable forward contracts [or offshore derivative instruments or over-the-counter derivatives,] entered into with an offshore banking unit of an International Financial Services Centre as referred to in sub-section (1A) of section 80LA, which fulfils such conditions as may be prescribe;
