115TC. Securitisation trust to be assessee in default. - If any person responsible for making payment of the income distributed by the securitisation trust and the securitisation trust does not pay tax, as referred to in sub-section (7) of section 115TA, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply.
Explanation. - For the purposes of this Chapter,-(a)"investor" means a person who is holder of any securitised debt instrument or securities issued by the securitisation trust;(b)"securities" means debt securities issued by a Special Purpose Vehicle as referred to in the guidelines on securitisation of standard assets issued by the Reserve Bank of India;(c)"securitised debt instrument" shall have the same meaning as assigned to it in clause (s) of sub-regulation (7) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956; (42 of 1956)(d)"securitisation trust" means a trust, being a-(i)"special purpose distinct entity" as defined in clause (u) of sub-regulation (7) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956, (42 of 1956) and regulated under the said regulations; or(ii)"Special Purpose Vehicle" as defined in, and regulated by, the guidelines on securitisation of standard asseis issued by *he Reserve Bank of India,which fulfils such conditions, as may be prescribed.'.
