**Executive Summary**
The Ministry of Finance, through the Central Board of Direct Taxes, has notified the "Core Settlement Guarantee Fund" (PAN: AAAJN1263G) established by National Commodity Clearing Limited (NCCL) for tax exemption. Effective from the tax year 2026-2027 onwards, this notification is issued under the Income-tax Act, 2025. To maintain this status, the Fund and NCCL must comply with specific regulatory conditions regarding SEBI recognition and financial reporting.
**Key Points / Main Content**
**Notification and Applicability**
* **Entity Notified:** The "Core Settlement Guarantee Fund" set up by National Commodity Clearing Limited (NCCL), a recognized clearing corporation.
* **Effective Period:** The exemption applies to the tax year 2026-2027 and all subsequent years.
* **Legal Authority:** Issued under powers conferred by Schedule III [Table: Sl. No. 30] read with section 11 of the Income-tax Act, 2025.
**Conditions for Maintaining Exemption**
* **SEBI Recognition:** NCCL must continue to be recognized as a clearing corporation by the Securities and Exchange Board of India (SEBI) as per the Income-tax Act requirements.
* **Income Sharing Restrictions:** If any untaxed amount from the Fund is shared (wholly or partially) with a specified person, that amount will be deemed taxable income for the year in which it is shared.
* **Reporting Requirements:** The Core Settlement Guarantee Fund is required to furnish a return of income in accordance with section 263 of the Income-tax Act.
**Compliance and Enforcement**
* **Consequences of Non-compliance:** Failure to meet the specified conditions will result in the withdrawal of the tax exemption.
* **Legal Action:** Non-compliance may lead to the initiation of legal proceedings under the Income-tax Act.
**Impact Analysis**
**National Commodity Clearing Limited (NCCL)**
**Impact**
The organization benefits from the formal tax-exempt status of its established Core Settlement Guarantee Fund, providing financial stability for its clearing operations.
**Action Required**
Must ensure it maintains its status as a SEBI-recognized clearing corporation and oversees the Fund’s compliance with the Income-tax Act.
**Core Settlement Guarantee Fund**
**Impact**
The Fund’s income is exempt from taxation from the tax year 2026-2027 onwards, provided it operates within the prescribed regulatory framework.
**Action Required**
The Fund must file annual income returns under section 263 and refrain from sharing untaxed credit amounts with specified persons to avoid tax liabilities.
**Central Board of Direct Taxes (CBDT) / Income Tax Authorities**
**Impact**
They gain the authority to monitor the Fund’s compliance and recover taxes if the exemption conditions are breached.
**Action Required**
Monitor the Fund’s returns and SEBI recognition status to ensure continued eligibility for the provided exemption.
Key Entities Referenced
Core Settlement Guarantee Fund: A fund established by the National Commodity Clearing Limited, notified for income tax purposes and exemptions starting from the tax year 2026-2027.
Income-tax Act, 2025: The primary legislation (specifically Section 11 and Schedule III) under which the Central Government grants tax notifications and exemptions for specific funds.
National Commodity Clearing Limited (NCCL): A recognized clearing corporation responsible for setting up the Core Settlement Guarantee Fund and maintaining regulatory compliance for the fund's tax status.
Central Board of Direct Taxes (CBDT): The regulatory authority within the Ministry of Finance that issued the notification regarding the tax treatment of the Core Settlement Guarantee Fund.
Securities and Exchange Board of India (SEBI): The market regulator whose continued recognition of NCCL as a clearing corporation is a mandatory condition for the fund's tax benefits.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-07072026-274235
CG-DxLx-xEG-I0D7H0x7x2x0 26-274235
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 3522] नई दिल्ली, मगं लिार, िलु ाई 7, 2026/आर्ाढ 16, 1948
No. 3522] NEW DELHI, TUESDAY, JULY 7, 2026/ASHADHA 16, 1948
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 7 िुलाई, 2026
का.आ. 3684(अ).— केंद्र सरकार, आयकर अजधजनयम, 2025 (2025 का 30) (एतजममन पश्चात जिसे आयकर
अजधजनयम कहा गया ह)ै की धारा 11 के साथ पठित इसकी अनसु ूची III [ताजलका: क्रमांक 30] द्वारा प्रित्त िजियों का प्रयोग
करते हुए, एतद्द्वारा, “राष्ट्रीय कमोजडटी जललयररंग जलजमटेड (एनसीसीएल) द्वारा स्ट्थाजपत "कोर सेटलमेंट गारंटी फंड (पनै :
AAAJN1263G)" िो एक मान्यता प्राप्त जललयररंग जनगम ह,ै को उि क्रमांक के समक्ष उजल्लजखत आय के संबंध म,ें कर िर् ड
2026-2027 के जलए और उससे आगे के जलए अजधसूजचत करती ह।ै
2. यह अजधसूचना जनम्नजलजखत ितों के अधीन होगी, यथा:
(क) राष्ट्रीय कमोजडटी जललयररंग जलजमटेड (एनसीसीएल) आयकर अजधजनयम की अनुसूची III के नोट 11 के अनुसार भारतीय
प्रजतभूजत और जिजनमय बोड ड से मान्यता प्राप्त जललयररंग जनगम बना रहता ह;ै और
5094 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(ख) यदि कोर सेटलमेंट गारंटी फंड म ेंिमा कोई राजि, जिस पर दकसी कर िर् डके िौरान आयकर नहीं लगाया गया है, जनर्िडष्ट
व्यजि के साथ पणू डतः या आंजिक रूप स ेसाझा की िाती ह,ै तो इस प्रकार साझा की गई संपूण डराजि को उस कर िर् डकी आय
माना िाएगा जिसमें ऐसी राजि साझा की गई ह ैऔर तिनुसार, उस पर आयकर लगाया िाएगा;
(ग) कोर सेटलमेंट गारंटी फंड आयकर अजधजनयम की धारा 263 के अनुसार आय जििरणी िाजखल करेगा।
3. उपरोि ितों का पालन न करने पर आयकर अजधजनयम की धारा 11 के साथ पठित अनसु ूची III [ताजलका: क्रमांक 30]
के अंतगडत िी गई छूट िापस ल ेली िाएगी और उि अजधजनयम के अतं गतड कायडिाही िुरू की िाएगी।
[स.ं 79 /2026 / फा. स.ं 197/39/2018-आईटीए-I]
हरदेव ससंह, अवर सचिव
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 7th July, 2026
S.O. 3684(E).— In exercise of the powers conferred by Schedule III [Table: Sl. No. 30] read with section 11
of the Income-tax Act, 2025 (30 of 2025), (hereinafter referred to as “the Income-tax Act), the Central Government
hereby notifies the “Core Settlement Guarantee Fund (PAN: AAAJN1263G) set up by National Commodity Clearing
Limited (NCCL)”, a recognized clearing corporation, in respect of the income referred against the said serial number,
for the tax Year 2026-2027 onwards.
2. This notification shall be subject to the following conditions, namely:—
(a) the National Commodity Clearing Limited (NCCL) shall continue to be recognized as a clearing corporation by
the Securities and Exchange Board of India in terms of Note 11 to Schedule III of the Income-tax Act; and
(b) where any amount standing to the credit of the Core Settlement Guarantee Fund and not charged to income-tax
during any tax year is shared, either wholly or in part with the specified person, the whole of the amount so shared
shall be deemed to be the income of the tax year in which such amount is so shared and shall, accordingly, be
chargeable to income-tax; and
(c) the Core Settlement Guarantee Fund shall furnish return of income in accordance with section 263 of the Income-
tax Act;
3. Failure to comply with the above conditions shall result in withdrawal of exemption under Schedule III [Table: Sl.
No. 30] read with section 11 of the Income-tax Act and initiation of proceedings under the said Act.
[No. 79 /2026 / F.No.197/39/2018-ITA-I]
HARDEV SINGH, Under Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.