Clause 180 - Amendment of section 97 - Finance Bill, 2015

Amendment of section 97. 180. In section 97 of the 2004 Act, with effect from the 1st day of June, 2015,-- (i) after clause (5A), the following clause shall be inserted, namely:- (5AA) initial offer shall have the meaning assigned to it in,-- (i) clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), in case of a business trust being a real estate investment trust; (ii) clause (v) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), in case of a business trust being an infrastructure investment trust; ; (ii) in clause (13), after sub-clause (aa), the following sub-clause shall be inserted, namely:-- (ab) sale of unlisted units of a business trust by any holder of such units which were acquired in consideration of a transfer referred to in clause (xvii) of section 47 of the Income-tax Act, 1961 (43 of 1961) under an offer for sale to the public included in an initial offer and where such units are subsequently listed on a recognised stock exchange; or .