OFFICE OF THE DELHI AUTHORITY FOR ADVANCE RULING LAW & JUDICIAL BRANCH GOVT. OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN IP ESTATE NEW DELHI F.No. DT&T/DAAR/2025-26/1281 Date: 8/10/25 To, The System Analyst (IT) EDP Cell, DT&T Deptt. Vyapar Bhawan, IP Estate New Delhi-110002 Sub :- Sir, Please find the enclosed herewith below mentioned one order for uploading on the website of GST portal of Trade & Taxes Department Govt. of Delhi for... ... ...

19. (1) A FME may launch Venture Capital schemes through private placement by filing a placement memorandum with the Authority along with the applicable fee, in the manner as may be specified by the Authority. (2) The filing of scheme documents for such Venture Capital schemes shall be under green channel whereby the schemes filed shall be open for subscription by investors immediately upon communication from the Authority that the placement memorandum has been taken on record: Provide... ... ...

CHAPTER III SCHEMES FOR FUND MANAGEMENT PART A: VENTURE CAPITAL SCHEMES 18. A Venture Capital Scheme under this Part shall be filed with the Authority as "venture capital fund" under Category I Alternative Investment Fund. Explanation.- A Scheme filed under this Part may be construed as "venture capital fund" under Category I Alternative Investment Fund as referred under the Income Tax Act, 1961, the Foreign Exchange Management Act, 1999, or any rules, regulations, circulars, not... ... ...

17. (1) A FME may launch various schemes as provided under these regulations. (2) A FME, prior to the filing of a scheme document with the Authority, shall appoint fiduciaries as follows: (a) Board of Directors in case the scheme is set up in the form of a Company; (b) Designated Partners in case the scheme is set up in the form of a Limited Liability Partnership; or (c) Trustees (including the Board in case of a Trustee company) in case the scheme is set up in ... ... ...

16. A FME may file an application with the Authority for surrender of its certificate of registration. Explanation.- The voluntary surrender of certificate of registration shall be effective only after its acceptance by the Authority. =============... ... ...

15. The certificate of registration of a FME shall be valid for such period as may be specified by the Authority, unless it is suspended or cancelled by the Authority or surrendered by the FME and taken on record by the Authority. =============... ... ...

14. (1) If the Authority, after examination of the application, is of the opinion that the registration cannot be granted, it shall communicate the deficiencies to the Applicant giving it thirty (30) days' time to rectify them. (2) If the Applicant fails to rectify such deficiencies to the satisfaction of the Authority within the specified time, the Authority may dispose of the application refusing to grant registration and shall communicate the same to the Applicant, giving reasons f... ... ...

13. (1) The registration granted to a FME, shall be subject to the following terms and conditions :- (a) the FME, its CEO / Directors / Designated Partners, Principal officer / KMPs shall comply with the provisions of these regulations and circulars issued thereunder; and (b) the FME shall forthwith inform the Authority, of any material change in the information or particulars previously furnished, which have a bearing on the registration granted by the Authority. (2) Th... ... ...

12. The Authority may, on receipt of all information and on being satisfied, grant Certificate of Registration as FME to the applicant under the appropriate category, subject to the applicant paying applicable registration fee. =============... ... ...

11. (1) The Authority may require the applicant to furnish any further information or clarification regarding itself or nature of the fund or fund management activities or any related matter to consider the application for grant of a certificate of registration. (2) If required by the Authority, the applicant shall appear before the Authority for personal representation. (3) If required, the Authority may undertake an inspection of the office of the applicant before the grant of a cert... ... ...

10. (1) The entity has the necessary infrastructure like adequate office space, equipment, communication facilities and manpower to effectively discharge its activities under these regulations and circulars issued thereunder. The infrastructure requirements should be commensurate to the size of its operations in IFSC. (2) The office shall be dedicated, secured and accessible only by authorised person(s) of the FME. =============... ... ...

9. (1) The applicant and its principal officer, directors/ partners/ designated partners, key managerial personnel and controlling shareholders shall be fit and proper persons, at all times. (2) For the purpose of sub-regulation (1), a person shall be deemed to be a fit and proper person if :- (a) such person has a record of fairness and integrity, including but not limited to- (i) financial integrity; (ii) good reputation and character; and (iii) hones... ... ...

8. (1) An entity seeking registration as a FME shall at all times comply with the net worth requirements as specified in Second Schedule of these regulations or such other amount as may be specified by the Authority. (2) An entity operating as a branch shall at all times comply with the minimum net worth requirements specified in these regulations for its activities in IFSC which may be maintained at the level of the parent entity, and the parent entity shall ensure that adequate funds ar... ... ...

7. (1) The applicant shall designate a principal officer who shall be responsible for overall activities of the FME including but not limited to fund management, risk management and compliance. (2) In case of Registered FME, in addition to the principal officer, one (1) additional KMP shall be designated as Compliance Officer who shall be responsible for compliance with these regulations and ensure implementation of risk management policies and practices at the FME. (3) In case of Regi... ... ...

6. (1) The applicant shall have a sound track record and general reputation of fairness and integrity in all its business transactions. (2) For the purposes of sub-regulation (1) "sound track record" shall mean: (a) In case of Registered FME (Retail): (i) The FME, its holding company, or their subsidiaries, shall have at least five (5) years of experience in collectively managing Assets under Management (AUM) of at least USD 200 million with more than twenty-five thousan... ... ...

SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER For the Assessee : Shri R.S. Singhvi, CA & Shri Rajat Garg, CA For the Revenue : Shri Om Parkash, Sr. DR ORDER These two appeals are filed by the assessee against different orders of the Ld. CIT(A)-28, New Delhi for the assessment years 2013-14 and 2014-15. 2. These two appeals are filed with the delay of 1944 and 1596 days respectively. Ld. Counsel for the assessee referring to the affidavit of the Director of the assessee company subm... ... ...

5. (1) The applicant shall be set up in IFSC in the form of a company or LLP or branch thereof or any other form as may be permitted by the Authority: Provided that a Registered FME (Retail) shall not be permitted in the form of an LLP or branch thereof: Provided further that the branch structure is permitted only for a FME which is already registered or regulated by a financial sector regulator in India or a foreign jurisdiction for conducting similar activities. (2) A FME operatin... ... ...

4. For obtaining a certificate of registration under these regulations, the applicant shall meet the requirements and the conditions specified in this Chapter. =============... ... ...

CHAPTER II REGISTRATION OF FUND MANAGEMENT ENTITY (FME) 3. (1) Any entity, desirous to undertake the business of fund management under these regulations shall not commence operations in an IFSC unless it has obtained a certificate of registration from the Authority as a FME under any of the categories mentioned in sub-regulation (4). (2) An entity desirous of obtaining a certificate of registration as a FME in IFSC shall submit an application form including the declarations and unde... ... ...

Fund-management terminology establishes the core legal architecture for fund management entities operating in an IFSC. Investor and scheme classifications distinguish accredited investors, retail schemes, restricted schemes, venture capital schemes, family investment funds, fund of funds schemes, index schemes, sectoral schemes and thematic schemes. Control includes rights to appoint a majority of directors or direct management or policy decisions, including through shareholding, management rights or contractual arrangements. Offer documents govern public invitations for retail schemes, while placement memoranda govern invitations to eligible investors for venture capital schemes, restricted schemes and private placements.