India’s finance ministry has announced that non-resident investors in unlisted Indian start-ups from 21 countries, including the UK, US and France, will not fall under the country’s angel tax legislation. The list does not include Singapore, Netherlands or Mauritius. Overseas investment in unlisted privately held companies was brought under the Angel Tax net in the Indian Budget in 2019, and required that the investor be registered as a DPIIT-recognised start-up. The CBDT also indicated that valuation guidelines for unrecognised start-ups are likely to be introduced.