From insurance to wealth management and securities distribution, SRKA & COMPANY has an experienced team dealing with the multiple regulatory issues, serving all major areas of the financial services industry.
- Insurance Companies
- Wealth & Asset Management Companies
- Family Offices
- Private Equity
- Venture Capitalists
Major Fiscal Incentives for Financial Sector
Various fiscal incentives are provided by the Government of India for promoting Financial Sector in economy Some of the key incentives are outlined below:
Exemption to GIFT Cities under IFSC
Currently, a unit in the IFSC is allowed deduction of 100 per cent of profits for first five consecutive years and 50 per cent for next five consecutive years from the year of commencement.
It is proposed to provide for 100 per cent deduction for 10 consecutive years and also to provide that the unit may claim the said deduction, at its option, for any 10 consecutive years out of 15 years from the year of commencement.
In order to facilitate penetration of micro insurance to the lower income segments of population, IRDAI has formulated the micro insurance regulations. Micro Insurance Regulations, 2005 provide a platform to distribute insurance products, which are affordable to the rural and urban poor and to enable micro insurance to be an integral part of the country’s wider insurance system. There were 27041micro insurance agents operating in the micro insurance sector at the end of 2015-16 (as against 22761 agents in 2014-15). In micro-insurance-life, the individual new business premium in the year was Rs.31.71 crore through 9.10 lakh policies (as against Rs.28.89 crore under 8.16 lakh policies in 2014-15 ) and the group business amounted to Rs.302.43 crore premium for 292.54 lakh lives (as against Rs.315.60 crore for 231.28 lakh lives in 2014-15 ). Individual death claims paid under micro insurance portfolio for the year 2015-16 amounted to Rs.20.47 crore on 14059 policies (as against Rs.21.57 crore on 13138 policies in 2014-15 ) and in the group category Rs. 414.02 crore was paid as death claims on 132256 lives (as against Rs.426.62 crore on 133268 lives in 2014-15 ).
Pilot stage Policy in West Bengal
- Access of priority equity funding from WB MSME Venture Capital Fund, where at least 20% of the fund is earmarked to support start-ups
- Any fiscal incentive available under State Government policy will be applicable to Start-ups
- Special fiscal incentive to investment bankers @ 1% of the investment made by registered Venture Capital / Private Equity Fund into Bengal-based start-ups as success fee.
- Special fiscal incentive to Incubators @ 2% of the investment received by its incubates from SEBI registered Venture Capital / Private Equity Fund into Bengal-based start-ups.
- Special grant to TBIs in the state @ 5% of the investment received by its incubates from SEBI registered Venture Capital / Private Equity Fund or Grant received from Government of India for promoting rural technology based start-ups and social enterprise start-ups providing solution to service-access problems in rural Bengal.
- Incentives under the extant policies/schemes of the state government will be available to registered start ups.