India: Fund Management/ REITs

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Article
Uniformity In Dividend Exemption For Unit Holders Of Business Trusts, Enhanced Surcharge Rates For Certain SPVs And Other Amendments Proposed By Taxation & Other Laws (Amendment) Bill, 2026
The Lok Sabha has passed the Taxation & Other Laws (Amendment) Bill, 2026 (‘Amendment Bill’). The said Amendment Bill replaces the Income-tax (Amendment) Ordinance, 2026 which was earlier passed on 5 June 2026 and also proposes other amendments to the Income-tax Act, 2025 (‘the Act’), the most notable amendment being in respect of taxation of unitholders and SPVs of business trusts.
India Tax
AC
Aurtus Consulting LLP
Article
Recent Tax Amendments: Restoring The Dividend Exemption For REIT And InvIT Unit Holders
Business trusts — Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) — and their unit holders are taxed under a pass-through framework built around Section 223 of the Income-tax Act, 2025 (corresponding to Section 115UA of the erstwhile 1961 Act), read with Schedule V (Table Serial Nos. 3, 4 and 5) of the ITA 2025, which mirror clauses (23FC), (23FCA) and (23FD) of Section 10 of the ITA 1961.
India Tax
CP
Corporate Professionals
Article
SEBI Untangles The Exit: New Rules Provide Smoother Path For Closing Investment Funds
The Securities and Exchange Board of India has introduced new guidelines allowing Alternative Investment Funds to retain cash for unresolved legal or tax liabilities while significantly reducing compliance requirements. These rules create an 'Inoperative Fund' status that enables funds to enter dormancy without maintaining expensive regulatory structures, addressing the operational gridlock where commercially finished funds remained legally open due to pending disputes.
India Finance
IL
IndiaLaw LLP
Article
The Variable Capital Company: What It Is And How It Works?
If you run a privately pooled fund in India today, you have probably run into the limits of the structures currently available. A trust, a company or a limited liability partnership can each house a fund, but none was built for one, and each leaves a gap. In a company, capital cannot move freely; returning it to investors needs a court-approved reduction or a limited buy-back. Further, none offers statutory ring-fencing for multiple strategies under one roof: protection between schemes rests on contract, not on the statute itself.
India Commercial
CP
Corporate Professionals
Article
Update – Commercial Bank Lending To REITs And InvITs
The Reserve Bank of India has introduced a new regulatory framework allowing commercial banks to extend credit facilities to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), marking a significant expansion of the lending universe for banks. The Amendment Directions establish comprehensive prudential safeguards including asset quality thresholds, exposure limits, security requirements, and repayment structures designed to balance financial stability with enhanced debt fund
India Finance
DL
DSK Legal
Article
SEBI Introduces 'Inoperative Fund' Framework To Facilitate Orderly Winding Up Of AIFS And VCFs
The Securities and Exchange Board of India (SEBI) through the circular HO/19/34/11(2)2026-AFD-POD1/I/13764/2026 dated 16 June 2026 (Circular) has issued guidelines for AIFs seeking ‘Inoperative Fund’ status. The Circular follows SEBI’s consultation paper dated 5 February 2026 titled ‘Flexibility to Alternative Investment Funds (AIFs) in Winding up the Scheme / Surrendering the Registration’, which proposed granting AIFs / VCFs greater flexibility to retain liquidation proceeds beyond the expiry of their permissible tenure in specified circumstances.
India Commercial
KC
Khaitan & Co LLP
Article
Fast-Track Mechanism For Processing Of Private Placement Memorandum (PPM) Of AIFs Filed With SEBI
SEBI has streamlined its review process for Private Placement Memorandums (PPMs) by introducing standardized templates and mandatory filing through registered merchant bankers. The regulatory changes aim to address significant time delays that have historically impacted fund and scheme launches, affecting capital deployment timelines for Alternative Investment Funds.
India Finance
AC
Aurtus Consulting LLP
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