New Delhi: SEBI’s Primary Market Advisory Committee (PMAC) has given an in-principle nod for initiating steps to ensure “no manual intervention” in the primary market issuance process.
The Minister of State for Finance, Pawan Kumar Bansal, said in a written reply in the Rajya Sabha today that the PMAC has endorsed the suggestions of the Group on Review of Issue Process (GRIP) on this matter. GRIP had recommended modified application forms that can be submitted physically as well as electronically.
For transparency
“These measures will enable faster and transparent processing of application forms leading to a reduction in the time gap between closure of an IPO and its listing,” Bansal said.
Indications are that the proposed measures would be placed for approval before the SEBI Board, as part of reform process on the primary market. SEBI had advised the PMAC to review the entire issue process with an objective to reduce the time gap between closure of an IPO and its listing.
Capital gains tax
Meanwhile, the Government has made it clear that the central board of direct taxes has not sought any amendments to the Income Tax Act, so that all foreign institutional investors (FII) pay capital gains tax on their profits in India.
“Taxation of capital gains of FIIs is provided for in the Income Tax Act 1961 read with the relevant double taxation avoidance agreement,” S.S. Palanimanickam, Minister of State for Finance, said in a written reply in the Rajya Sabha.
FIIs are allowed to participate in the Indian stock markets. The Government, the RBI and SEBI have framed a policy for such participation.
The Minister of State for Finance, Pawan Kumar Bansal, said in a written reply in the Rajya Sabha today that the PMAC has endorsed the suggestions of the Group on Review of Issue Process (GRIP) on this matter. GRIP had recommended modified application forms that can be submitted physically as well as electronically.
For transparency
“These measures will enable faster and transparent processing of application forms leading to a reduction in the time gap between closure of an IPO and its listing,” Bansal said.
Indications are that the proposed measures would be placed for approval before the SEBI Board, as part of reform process on the primary market. SEBI had advised the PMAC to review the entire issue process with an objective to reduce the time gap between closure of an IPO and its listing.
Capital gains tax
Meanwhile, the Government has made it clear that the central board of direct taxes has not sought any amendments to the Income Tax Act, so that all foreign institutional investors (FII) pay capital gains tax on their profits in India.
“Taxation of capital gains of FIIs is provided for in the Income Tax Act 1961 read with the relevant double taxation avoidance agreement,” S.S. Palanimanickam, Minister of State for Finance, said in a written reply in the Rajya Sabha.
FIIs are allowed to participate in the Indian stock markets. The Government, the RBI and SEBI have framed a policy for such participation.
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