invest through stock exchange
in India unless it is approved as FII by the regulatory authorities viz.
RBI, SEBI etc.
(2) In case, the assessee ... company is a registered FII or sub account of
any registered FII, which is not permitted to buy and sell securities
without taking delivery. Accordingly
2009
ITA No. 1236/Mum/2010
assessee had transacted with both FIIs and FIs and so it was further required by
the TPO to furnish ... details of the top 10 FIIs clients. The same was furnished by the
assessee as reflected at para 3 of the TPO's order
repiy dated l7.D5.201Ciaiso brougiwt out that
it had fiied a writ petition being Writ Petition {Civil ... Greup.
2.1.27' According to informant, the cause 01' acticm far fiiing the i--n'iormatiDn
was denial of suppiy
Exchange Board of India (SEBI) as a
sub account under the FII, AXA World-Funds for carrying
out investment activity in Indian capital markets ... similar case, it was found that the transactions
by FII are done and recorded as under by the brokers
and exchange.
"FII / sub-accounts
earn capital gains
because"
(a) the whole scheme meant for FIIs was to invest in
securities in India to receive income from them ... connotes the income therefrom when
the securities held by a FII are intact, e.g. dividends,
interest, etc. like fruits from a tree
connotes the Income therefrom when the securities held by a FII
are intact, e.g. dividends. interest, etc. like fruits from a tree ... plethora of legislative provisions unmistakably pointed out
that an FII was not registered for carrying on trade in securities;
it could only invest in securities
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