Exemption of specified income of Investor Protection Fund set up by commodity exchanges [Section 10(23EC)] :

(i) This clause exempts income, by way of contributions received from commodity exchanges and the members thereof, of such Investor Protection Fund set up by commodity exchanges in India, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf.

(ii) Where any amount standing to the credit of the said Fund and not charged to income-tax during any previous year is shared, either wholly or in part, with a commodity exchange, the entire amount so shared shall be deemed to be the income of the previous year in which the amount is so shared and shall accordingly be chargeable to income-tax.

(iii) A ―commodity exchange‖ means a ―registered association‖ as defined in clause section 2(jj) of the Forward Contracts (Regulation) Act, 1952. i.e., an association to which for the time being a certificate of registration has been granted by the Forward Markets Commission under section 14B.