Section 37A permits seizure of equivalent domestic assets only where the authorised officer records written reasons to believe that foreign assets are held in contravention of FEMA. The competent authority must examine the material after hearing both sides and either confirm or set aside seizure. A reasoned non-confirmation based on an absent statutory threshold is substantive on seizure, though it does not finally decide the underlying contravention. Pending appeal, the adjudicating authority cannot displace that finding or adopt a contrary premise; Section 37A(4) applies only to confirmed seizure.

Where an oppression and mismanagement petition has been dismissed, a pending appeal without an appellate stay does not itself restore a former director's authority or suspend the dismissal's operative effect. Sections 241 and 242 require statutory prejudice and prescribed Tribunal findings; procedural irregularities in director removal may be relevant but do not alone establish oppression. Banks should ordinarily follow formally authorised company instructions rather than decide unresolved management disputes, unless a binding judicial or statutory restraint applies.

Benami-property claims based on a claimant's payment for property titled in another person's name may fall within the statutory definition when the property is alleged to be held for that claimant's benefit. A Will, succession claim, or other later instrument does not provide an independent basis of title where the pleaded foundation is restoration of beneficial ownership. The statutory scheme prohibits benami arrangements, bars enforcement of claimed beneficial ownership, and treats prohibited re-transfers as invalid; self-acquired title in the named holder's name does not displace the pleaded funding arrangement.

Punjab SGST exemption schedule adds sal, siali and sisal leaves, sabai grass, broom-making vegetable materials, specified leaf-based goods, deities, sanitary towels, sanitary napkins, tampons and Rakhi other than items made from Chapter 71 goods. It also replaces the de-oiled rice bran entry and clarifies its exemption from 25 January 2018. Coir pith compost remains subject to conditions concerning unit containers, brand names and voluntarily foregone brand-name rights under Annexure I.

Portfolio manager-client agreements must define fiduciary services, discretionary and non-discretionary responsibilities, investment objectives, client restrictions, risk disclosures, custody, separate accounts, reporting and inspection rights. They must prohibit contractual changes without prior client consent and require transparent fee, expense and billing terms. Liability provisions must address negligence, wilful misfeasance and acts of intermediaries while limiting client liability to the investment amount. Agreements must also cover termination, death or disability, assignment, governing law, grievance redressal, dispute resolution and arbitration.

Portfolio managers must act honestly, fairly, skilfully, carefully and diligently in investors' interests, maintain high service standards and independent professional judgment, and place clients' interests above their own. They must avoid conflicts in investment or disinvestment decisions or ensure fair treatment where conflicts arise, disclose possible conflict sources, and must not execute proprietary-account trades against client interests. They must provide true and adequate information, disclose investment risks, and give advice suited to clients' needs.

India's Finance Minister will participate in multilateral and bilateral economic discussions addressing economic developments, financial-sector issues, the global economic outlook, development priorities, international financial cooperation, and reform of the international financial architecture. Related engagements will examine trade resilience, investment opportunities, and mobilisation of private capital for urban and water infrastructure, while highlighting India's economic performance and reform priorities.

Portfolio manager fees include application fees, registration fees, and renewal fees payable every three years. Payment must be made by direct credit into the designated bank account through NEFT, RTGS, IMPS, the SEBI Payment Gateway, online payment, or another mode specified by the Board.

Regulation 46 repeals the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, while preserving actions, registrations, approvals, investigations, proceedings, rights, liabilities, and penalties arising under the repealed regime. Pending applications are deemed made under corresponding provisions of the 2026 Regulations. References in other regulations, guidelines, and circulars to the repealed Regulations are treated as references to corresponding provisions of the 2026 Regulations.

Regulation 45 authorises the Board to issue clarifications or guidelines, through notes or circulars, to remove difficulties in applying or interpreting the Portfolio Managers Regulations. These clarifications and guidelines are binding on portfolio managers, who must comply with the Board's directions and treat them as mandatory in relation to application and interpretation difficulties under the regulations.

The Board may grant a time-limited exemption from all or specified Portfolio Managers Regulations to a person or class of persons. The exemption may operate for up to twelve months and is intended to support live-environment testing of innovative products, processes, services and business models in the securities-market regulatory sandbox. Applicants must satisfy conditions specified by the Board.

Regulation 43 permits relaxation of strict enforcement for portfolio managers where it serves clients' interests or securities market development. Relaxation may be procedural or technical, arise from non-compliance caused by factors beyond the portfolio manager's control, or prevent undue hardship to clients. Applications must state the relevant details and grounds, be filed with the Board, and be accompanied by a non-refundable prescribed fee through authorised payment modes.

Portfolio managers who contravene the Act, rules, regulations, or circulars and guidelines issued under them are liable to action available under securities laws or any other law in force. Regulation 42 places this liability within the procedure for action in case of default and preserves enforcement consequences authorised by applicable securities and other laws. Liability arises from such non-compliance and is not confined to a single enforcement framework.

Inspection expense recovery permits the Board to recover from a portfolio manager expenses it incurs for the purposes of inspecting or investigating that manager's books of account, records and documents. Recoverable costs include, without limitation, auditor fees paid for such inspection or investigation. The portfolio manager bears these expenses where its books, records and documents are examined or investigated by the Board.

Regulation 40 permits the Board to appoint a qualified auditor, in addition to an inspecting authority, to inspect or investigate a portfolio manager's books of account or affairs. The appointed auditor has the same powers as the inspecting authority under regulation 35, and the portfolio manager must comply with the obligations under regulation 37 during the auditor's inspection or investigation.

Action on inspection or investigation reports permits the Board, after considering such reports, to take measures it considers fit and appropriate. Available measures include action under securities laws or any other law in force, enabling a regulatory response to matters identified through inspection or investigation.

Regulation 38 requires the inspecting authority, in inspection and disciplinary proceedings concerning portfolio managers, to submit an inspection report to the Board as soon as possible. The obligation establishes a prompt reporting mechanism through which inspection findings are placed before the Board for consideration within the applicable regulatory and disciplinary framework.

Portfolio managers and their directors, partners, officers and employees must produce relevant books, accounts and documents, and furnish information concerning portfolio-management activities within the required time. They must permit reasonable access to relevant premises and records, including computer data, provide copies of material relevant to inspection, and facilitate examination or recording of statements. All such persons must provide reasonable assistance connected with the inspection.

Inspection procedure requires the Board to give reasonable notice before commencing an inspection under Regulation 35. The Board may dispense with notice where it records written reasons that dispensing with notice serves investor interests or the public interest. During the inspection, the portfolio manager remains bound to discharge all obligations provided under Regulation 37.

Inspection of portfolio managers may be undertaken by persons appointed by the Board to verify maintenance of books, records and documents, and compliance with applicable statutory and regulatory requirements. Inspection may investigate complaints concerning a portfolio manager's activities and may also be initiated on the Board's own motion in the interests of the securities market or investors.