Autonomy for trusts to invest in securities: Cabinet

Written by:
Subscribe to Oneindia News

New Delhi, Dec 24 (UNI) In a move aimed at granting greater autonomy to trusts, the government today decided to do away with the case-by-case approval requirement for making investments in securities.

The decision was approved at a Cabinet meeting, an official spokesman said.

Clause (f) of section 20 of the Indian Trusts Act, 1882 would be amended for the purpose, enabling the government to notify a class of securities as eligible for investment by trusts.

After the amendment, clause (f) would read as ''any other security or class of securities expressly authorised by the instrument of trust or by the Central Government by notification in the official gazettle.'' The amendment would be moved in Parliament in the Budget session starting in February.


Please Wait while comments are loading...