|No||Year||Topic / Venue / Attendees||Host / Co-Host||Web-Link|
|1||Sep -2014||“Depositary Receipts: The Changing Paradigm”; BSE Intl. Convention Hall; over 200 attendees from Industry||Bank of New York Mellon & BSE Ltd||http://pivotmgmt.com/bny-mellon-bse-pivot-event/|
|2||Sep -2014||Panelist at BoNYM’S “Depositary Reciepts Issuers Conference”, Jaipur||Hosted by Bank of New York Mellon|
|3||Sep -2014||“FPI Marketing Workshop”; NSE Conference Room; Leading Custodians and Leading CPAs||National Stock Exchange (NSE)||Request for PPT|
|4||Sep -2014||‘India Easing Condition Road Show’;Harvard Club, New York- Speakers-MOF, KPMG, Dr. M.S Sahoo; 60 FPI attendees||Bank of New York Mellon & BSE Ltd||http://pivotmgmt.com/pivot-provides-guidance-in-hosting-india-roadshow-on-september-26th-at-new-york/|
|5||Sep-2014||Collateral Management MOU between BSE and Bank of New York Mellon; New York||Bank of New York Mellon & BSE Ltd|
|6||Sep-2014||Dr. M S Sahoo meeting with J P Morgan Depositary Receipt Team, New York||J P Morgan||Request for PPT|
|7||Mar-2015||Conceptualised & moderated BSE’s Global Telecall on BUDGET FOR FIIs – Mar 3rd. Investors from US, ASPAC, Europe, Japan, Australia. First by Exchange, engages a expert panel||BSE Ltd.||www.bseindia.com|
|8||Mar-2015||“India Regulatory Summit 2015″, Four Seasons, Mumbai . 145 invitees attend representing 98 institutions. Nine Panels across Banking and Capital Markets-SEBI, RBI, Exchanges, Industry, CCIL||Regulation Asia||http://www.regulationindia.com/|
|9||Apr-June 2015||Conceptualised, Knowledge partner for BSE-ICCL Nationwide FPI Seminar; 6 cities, 18 participating speakers from leading institution, over 680 attendee- Delhi, Mumbai,Kolkata||BSE Ltd – ICCL||Request for comprehensive PPTs|
|10||June 2015||Conceptualised, moderated, advice on the first ever FPI road Show at Chennai, For Stock Holding. 170 attendees- Speakers- SEBI, RBI, Govt of TN, GT, Barclays, PIVOT, SHCIL||StockHolding|
|11||Oct 2015||Roundtable for Institutional Stock Brokers- Latest Developments in the sector. A PwC Mumbai initiative; Anchored by Viraj Kulkarni, PIVOT Management Consulting||Price Water House|
|12||Nov 2015||FPI Roundtable in Hong Kong- RA, BSE, Stock Holding, ICCL||Regulation Asia||http://pivotmgmt.com/wp-content/uploads/2015/12/RA-RT-Indiadec2015-web.pdf|
|13||Jan 2016||Recommendation to MOF & SEBI “ Attracting FPI Investors: Fixing Perceptions, Driving Solutions”|
|14||Mar 2016||Conceptualised & moderated BSE’s Global Telecall on BUDGET 2016.||BSE Ltd.||www.bseindia.com|
|15||Mar 2016||PIVOT conceptualised & moderated StockHolding’s Global telecall, Budget 2016.||SHCIL||http://www.shcil.com/|
|16||Mar 2016||“India Regulatory Summit 2016”, Four Seasons, Mumbai . 200 invitees attened. Ten Panels across Banking and Cap Markets-SEBI, RBI, Exchanges, Industry, CCIL||Regulation Asia||http://www.regulationindia.com/|
|17||Apr 2016||PIVOT Partners….BCCI host a Chinese Asset Management Delegation Apr 20, 2016||BCCI||http://www.bombaychamber.com/|
|18||Apr 2016||PIVOT, BCCI & Chinese Asset Management Delegation meet with Shri. Ananta Barua, Executive Director, SEBI||BCCI||http://www.bombaychamber.com/|
|19||Jul 2016||PIVOT publishes,”Custodian Bank-India adopting Global Trends”|
|20||Sep 2016||PIVOT facilitates translation of BSE FPI book in 8 International Languages||BSI Ltd.||http://www.bseindia.com/static/fpi/FPI_Access_India.aspx?expandable=1|
|21||Oct 2016||Workshop for Chinese Investors under the aegis of Consulate of China & BSE||China Consulate|
|22||Oct 2016||Think tank Panelist of PahleIndia, “Developing Inflows into India”||PahleIndia & BSE|
|23||Nov 2016||Lead India Capital market Delegation to Tokyo- Meeting with 18 Japanese Institutional Investors- Delegation included BSE, SHCIL, PWC, Grant Thornton. Met win Indian Ambassador as well||Initiated by PIVOT|
|24||Dec 2016||Revenue accretion related suggestions to Government of Maharashtra from EASE of DOING Business perspective. Suggestions accepted- Benefits State, Financial sector, International Investors, Local Investors, Corporates||With Bombay Chamber of Commerce and Industry|
India first introduced the MAT during the 1990s to ensure companies paid a minimum amount of tax, normally 20% of profits. Although finance minister Arun Jaitley exempted FIIs from the MAT from April 1, 2015 onwards through a provision in the 2015-16 Union Budget, it was not made clear whether the new provisions would apply to foreign investors retrospectively.
This year the Income Tax department surprised the investors when they issued 68 notices to foreign institutional investors (FIIs) demanding MAT dues of over Rs. 6 billion ($90 million) in back taxes for investment gains made in previous years. The FIIs moved to legally challenge the demands, arguing for exemptions on the basis that the MAT is applicable only to domestic companies that had their base in India.
In light of this, the government set up a committee to look into the matter and suggest ways to resolve disputes arising from India’s imposition of the MAT. The committee issued its final report to the government on August 25, recommending that the Income Tax Act be amended to clarify the inapplicability of MAT provisions to FIIs and foreign portfolio investors (FPIs) for the period prior to April 1, 2015.
The government had accepted the committee’s recommendation, resolving to amend the Income Tax Act to reflect the decision in the next session of Parliament. Pending the amendment, a circular will be issued to inform tax officials not to pursue any MAT-related cases until the law is amended.
The decision has been mostly welcomed by the industry. Mr R. Anand, head of custody at Stock Holding Corporation of India told Regulation Asia, “The acceptance of the AP Shah’s Committee report by the government has provided much needed clarity to FPIs. It communicates positive signals and provides certainty to the foreign investors on tax front regarding MAT on FPIs prior to April 1, 2015. We believe such an action will help in reviving investors confidence and boost foreign investment.”
Meanwhile, according to Viraj Kulkarni, CEO and founder of PIVOT Management Consulting, “The government’s acceptance in totality of the committee’s recommendations signified its resolve to use a combination of immediate steps (CBDT Circular) and long term solutions (change in law) to address a critical taxation related issue. This has increased the confidence and certainty in the implementation of taxation rules and bodes well for foreign inflows into the country.”
However, India’s Congress has reportedly criticised the decision, questioning whether India is becoming a “tax haven” and giving “lopsided and unreasonable benefits to foreign firms and individuals who are benefiting out of Indian domestic market”.