[16955]
January 9, 2004
TO: TAX COMMITTEE No. 1-04
RE: JANUARY 14 CONFERENCE CALL TO DISCUSS INDIA FII SECURITIES LAW ISSUES
The Institute’s International Committee has scheduled a conference call for Wednesday,
January 14, at 2:00 p.m. (Eastern) to discuss issues that the Institute will raise in a meeting later
this month with the Securities Exchange Board of India (SEBI). During this meeting, the
Institute will raise with SEBI the securities law recommendations that the Institute made last
year (in response to an invitation from SEBI) that would improve conditions for foreign
investors in India, including changes that would improve its Foreign Institutional Investor (FII)
regime.1
The tax issues that were included in the letter (to make SEBI aware of the wide range of
issues facing foreign investors in India) are outside the scope of SEBI’s jurisdiction, and hence
will not be affirmatively raised by the Institute. Nevertheless, SEBI may ask the Institute for an
update on these conditions affecting foreign investors in India. If Tax Committee members
wish to participate in the International Committee’s call on India, please send an e-mail to Gail
Robinson (grobinso@ici.org) that includes your name, company and phone number. Upon
receiving your e-mail, Gail will reply with the necessary dial-in information.
Catherine Barré
Associate Counsel
1 See Memorandum to International Members No. 5-03, dated February 10, 2003 [15635] and Memorandum to Tax
Members No. 10-03, dated February 19, 2003 [15667].