Sebi to issue guidelines for FATCA compliance next fiscal

With talks underway for an Indo-US agreement to combat possible tax evasion by Americans through Indian entities, Securities and Exchange Board of India (Sebi) plans to issue new guidelines for market intermediaries in this regard next fiscal.

The negotiations and discussions between India and the US have commenced for an inter-government agreement (IGA) to be signed between the two countries under the Foreign Account Tax Compliance Act (FATCA), a senior official said.

The US has so far signed IGAs with 22 countries in this regard, including the UK and Switzerland, while talks are on with many other jurisdictions, including India. Once the FATCA pact is implemented, non-compliant entities and persons would be subject to heavy penalties.

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