Regulation 10E requires a Trust and Company Services Provider to ensure continuously that the entity, its principal officer, compliance officer, directors, partners, designated partners, and controlling shareholders are fit and proper persons in accordance with Regulation 7.

Regulation 10D provides that the permissible services which may be undertaken by a Trust and Company Services Provider in an International Financial Services Centre are those specified in the Fifth Schedule to the International Financial Services Centres Authority (Techfin and Ancillary Services) Regulations, 2025.

Regulation 10C requires an applicant for trust and company services provider activities to be incorporated in the IFSC as a company or limited liability partnership, unless another legal form is permitted by the Authority. Every promoter or partner must also be from a jurisdiction not identified in the Financial Action Task Force public statement as a high-risk jurisdiction subject to a call for action.

Prior registration is required before an entity may commence Trust and Company Services Provider services in an IFSC. An applicant must apply in the prescribed form and manner, obtain a certificate of registration, and declare that its Trust and Company Services Provider activities will remain at arm's length from other services. The certificate remains valid unless suspended, cancelled, or voluntarily surrendered, with surrender taking effect only upon acceptance. Existing TechFin and Ancillary Service Providers require separate approval to undertake these services.

Regulation 10A defines a Trust and Company Services Provider as an entity granted registration as a Tech Fin and Ancillary Services Provider under the applicable Regulations. Registration qualifies the entity to undertake Trust and Company Services Provider services for leasing activities permitted by the Authority, limiting the service category to registered entities operating within the permitted leasing scope.

Depreciation on the portion of input tax credit reversed by an NBFC under the 50% credit mechanism in Rule 38 is examined in relation to capital goods. The view advanced characterises unreclaimable credit as a cost borne by the NBFC and part of the actual purchase cost of capital goods. On that view, the lapsed amount may be capitalised and depreciation claimed under the Income-tax framework, subject to section 16(3) of the CGST Act.

Merit in a civil review petition concerning Central Excise was not found after consideration of the petition and connected papers, resulting in dismissal. No underlying Central Excise issue, review ground, statutory provision, or broader legal principle is identified. The dismissal records only the absence of merit in the particular review petition.

Supreme Court declined to interfere in a central excise civil appeal and dismissed the appeal without recorded reasons. No legal issue, statutory provision, factual basis, or interpretative principle was articulated. The operative result is limited to dismissal of the civil appeal, with no stated basis capable of establishing a broader rule on central excise or appellate review.

Customs clearance operates on a 24x7 basis through import facilitation centres, export parking plazas, extended Assessment Group working and continuous preventive staffing at port-terminal gates, container freight stations and the boarding office. Assessment, examination, Out of Charge and laboratory operations may be extended to address congestion, delays or operational surges, with implementation treated as a Standing Order for officers.

Pension Funds must maintain an integrated risk management framework covering the identification, assessment, mitigation, monitoring and reporting of financial, operational and compliance risks. The Compliance Officer must oversee implementation and ensure that risk considerations inform Scheme decision-making. Controls must address market, credit, liquidity, operational and compliance risks through diversification, hedging, liquidity buffers, internal controls, audits and regulatory monitoring. Regular stress testing and scenario analysis must assess portfolio and operational resilience and support corrective actions, including portfolio rebalancing, additional hedging, increased liquid reserves and contingency planning.

Portfolio-based limits allow up to full allocation to sovereign debt or equities, while corporate bonds are capped at 40% and high-yield bonds at 5%. Corporate-bond quality and downgrade cure requirements apply. Alternative investments cannot exceed 15% in aggregate, subject to sub-limits for REITs and InvITs, private equity and venture capital, and commodities. Concentration controls cap exposures to individual issuers, counterparties, industries, paid-up capital, and eligible-bank term deposits, with government securities excluded from the single-issuer limit.

Admission of the central excise civil appeal was declined by the Supreme Court after hearing counsel for the Collector of Central Excise. The appeal was consequently dismissed at the admission stage. No substantive reasons, statutory interpretation, or determination of a central excise issue is stated. The dismissal records only refusal of admission, without a stated merits analysis.

The healthcare benefit option requires a separate Healthcare Sub-Account, segregated from main pension contributions, for subscribers who voluntarily elect the benefit. Prior regulatory approval is required, and contributions are subject to a maximum limit of ten percent of total contributions. Sub-account funds may be invested in low-risk, highly liquid instruments and used only for hospital expenses. They may be accessed before retirement for medical emergencies or planned healthcare expenses, while unused retirement balances may purchase health insurance or be rolled over into the main pension corpus.

Fit and proper status requires fairness and integrity, including financial integrity, good reputation and character, and honesty. Disqualifications include convictions or pending proceedings concerning economic offences, pending regulatory recovery proceedings, malfeasance orders, undischarged insolvency, active regulatory restraints, materially relevant regulatory orders, unsoundness of mind, financial unsoundness, wilful default, fugitive economic offender status, and other specified disqualifications.

Regulation 49 gives overriding effect to the International Financial Services Centres Authority (Pension Fund) Regulations, 2026 from commencement. Pension Fund Regulatory and Development Authority regulations do not apply to Authority-approved pension schemes insofar as they conflict with these regulations. Their application is preserved where no inconsistency exists.

Delegation of powers permits every power exercisable by the Authority under the Pension Fund Regulations to be exercised also by an officer when that power has been delegated to the officer. Exercise by an officer is contingent on delegation by the Authority and extends only to the delegated powers. The provision establishes an internal mechanism for authorised officers to exercise delegated regulatory powers.

Pension Funds must maintain a robust cyber security and cyber resilience framework conforming to requirements specified by the Authority from time to time. Compliance is responsive to evolving regulatory standards and links the adequacy of cyber security and resilience arrangements to prescribed requirements.

The Authority may issue directions, clarifications, guidance notes, or subsidiary instructions to address difficulties in the interpretation or application of the Pension Fund Regulations and support their consistent implementation.

Regulation 45 empowers the Authority to issue subsidiary instructions from time to time specifying norms, procedures, processes and additional requirements for implementing the Pension Fund Regulations and addressing matters incidental to their operation. This delegated procedural power permits supplementary directions concerning implementation and incidental matters, allowing the regulatory framework to be operationalised through specified norms, processes and requirements where needed.

The Authority may require information, documents or records from a Pension Fund, Trustee, Custodian, or any other person associated with the pension ecosystem in the International Financial Services Centre. This serves as a regulatory information-gathering mechanism for pension fund oversight.