Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)-Guidance Note
Summary
SEBI issues a circular directing intermediaries to implement reporting requirements under FATCA and CRS. The document references a Guidance Note issued by the Department of Revenue for necessary action. Stock Exchanges and Depositories are mandated to disseminate this information to their respective participants.
Text
In continuation of SEBI circular CIR/MIRSD/2/2015 dated August 26, 2015, a “Guidance Note on implementation of Reporting Requirements under Rules 114F to 114H of the Income Tax Rules” as issued by the Department of Revenue... is available... for information and necessary action.
The Stock Exchanges and Depositories are directed to bring the contents of this circular to the notice of the Stock Brokers and Depository Participants respectively and also disseminate the same on their websites.
This Circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 (SEBI Act).
Source: SecMarx — Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)-Guidance Note. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.