Securitisation trust - Definition / Legal Terminology - Income Tax

Explanation.(d ) -As per section 115TCA of the Income tax Act 1961- For the purposes of Chapter XII-EA (special provisions relating to tax on distributed income by securitisation trusts) ,- securitisation trust means a trust, being a- (i) special purpose distinct entity as defined in clause (u) of subregulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 and the Securities Contracts (Regulation) Act, 1956, and regulated under the said regulations; or (ii) Special Purpose Vehicle as defined in, and regulated by, the guidelines on securitisation of standard assets issued by the Reserve Bank of India, or (iii) trust set-up by a securitisation company or a reconstruction company formed, for the purposes of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, or in pursuance of any guidelines or directions issued for the said purposes by the Reserve Bank of India, which fulfils such conditions, as may be prescribed.