Clause 148 - Amendment of Act 15 of 1992. - Finance Bill, 2021

PART VII AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 Amendment of Act 15 of 1992. 148. In the Securities and Exchange Board of India Act, 1992, in section 12, after sub-section (1B), the following sub-section shall be inserted with effect from the 1st day of April, 2021, namely: (1C) No person shall sponsor or cause to be sponsored or carry on or cause to be carried on the activity of an alternative investment fund or a business trust as defined in clause (13A) of section 2 of the Income-tax Act, 1961, (43 of 1961.) unless a certificate of registration is granted by the Board in accordance with the regulations made under this Act. .