SIFMA and ASIFMA provide comments to India’s Ministry of Finance expressing deep concern that certain portions of the India’s Finance Bill 2012 could adversely impact investment in the Indian capital markets by the global investment community.  Specifically, the legislation’s provisions relating to taxation of indirect transfers of assets as well as the General Anti-Avoidance Rule (GAAR) are very broadly worded and could be interpreted to tax Foreign Institutional Investors (FIIs) on their investments in the Indian listed equity markets.