Sebi asks market entities to follow I-T Department norms for FATCA

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Credit to: Tax Evasion News : Sebi asks market entities to follow I-T Department norms for FATCA

NEW DELHI: To ensure compliance with FATCA — the new US law to check offshore tax evasion — regulator Sebitoday asked all market intermediaries to follow reporting requirements prescribed by Income Tax Department in this regard.
Under Foreign Account Tax Compliance Act (FATCA), foreign financial institutions that fail to give information about their American clients to US authorities would face 30 per cent withholding tax.
A meeting of sub-committee of the Financial Stability and Development Council (FSDC) today also discussed issues regarding inter-regulatory co-ordination for reporting under FATCA, Central KYC Registry and International Financial Services Centre (IFSC).

hhhhhmmmmm
I dont think they can follow it.