Clause 148 - Amendment of Act 42 of 1956. - Finance Bill, 2023

PART III AMENDMENT TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 Amendment of Act 42 of 1956. 148. In the Securities Contracts (Regulation) Act, 1956, in section 18A, after clause (b), the following clause shall be inserted, namely: (ba) regulated by the International Financial Services Centres Authority established under section 4 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), in an International Financial Services Centre and issued by a Foreign Portfolio Investor. Explanation. For the purposes of this clause, the expression Foreign Portfolio Investor shall have the meaning assigned to it in clause (u) of rule 2 of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 made under section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999); .