Indian regulator clarifies banks, brokers not liable for offshore funds' tax dues, sources say
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Indian banks and brokers are not liable for taxes owed by local representatives of offshore funds, according to a clarification from the Securities and Exchange Board of India (SEBI). This decision, which follows consultations with the tax department, aims to ease concerns that had delayed fund launches. The clarification is expected to facilitate the processing of pending foreign investor applications, as foreign investors have recently been net sellers of Indian equities, offloading $23 billion in 2026. A public announcement on this matter will be made soon by Indian depositories.
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