Registration for the purpose of Foreign Accounts Tax Compliance Act (FATCA)
Summary
SEBI issued a circular on December 30, 2014, directing intermediaries to register with the US IRS for FATCA compliance. The directive mandates obtaining a Global Intermediary Identification Number (GIIN) by January 1, 2015, to avoid withholding taxes. This action is taken under the powers conferred by Section 11(1) of the SEBI Act, 1992.
Text
Foreign Financial Institutions in Model 1 jurisdictions need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) before January 01, 2015, or at the earliest, in order to avoid withholding.
The FFIs who have registered but have not obtained a GIIN should indicate to the withholding agents that the GIIN is applied for.
All SEBI registered intermediaries who maintain US reportable accounts, as defined in the Model 1 Inter-Governmental Agreement, may take action appropriately.
Source: SecMarx — Registration for the purpose of Foreign Accounts Tax Compliance Act (FATCA). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.