# The Finance Act, 2015, Section 154: Amendment of section 97

- Act: The Finance Act, 2015 (Act 20 of 2015)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2015/section/154/

## Text

CHAPTER VIII MISCELLANEOUS PART VIII AMENDMENTS TO THE FINANCE (NO. 2) ACT, 2004 ** | ** | ** Amendment of section 97. 154. In section 97 of the 2004 Act, with effect from the 1st day of June, 2015,— (i) | after clause (5A), the following clause shall be inserted, namely:— '(5AA) | "initial offer" shall have the meaning assigned to it in,— (i) | clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), in case of a business trust being a real estate investment trust; (ii) | clause (v) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), in case of a business trust being an infrastructure investment trust;'; (ii) | in clause (13), after sub-clause (aa), the following sub-clause shall be inserted, namely:— "(ab) | sale of unlisted units of a business trust by any holder of such units which were acquired in consideration of a transfer referred to in clause (xvii) of section 47 of the Income-tax Act, 1961 (43 of 1961) under an offer for sale to the public included in an initial offer and where such units are subsequently listed on a recognised stock exchange; or".

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