Beneficial ownership, contribution and control of an IIIO may be changed only through the manner and processes specified by the Authority. The provision places such changes within the Authority's prescribed regulatory procedure.

Professional indemnity insurance must be maintained by every IIIO throughout the validity of its registration in accordance with Schedule V. Newly registered IIIOs may, in appropriate cases, receive permission to obtain the policy within twelve months of certification. Where an IIIO is established as a branch, the applicant must comply with the insurance requirement at its head office and obtain policy endorsement covering liabilities arising from IFSC branch operations.

Insurance intermediary registration requires maintenance of prescribed paid-up capital and net worth. Capital interests and equivalent contributions must remain unpledged and unencumbered, while investments by promoters, shareholders, partners, or members must come from owned funds and not borrowings or loans. Net-worth shortfalls require immediate restoration and compliance reporting. Paid-up capital and net-worth certificates must be submitted half-yearly, issued by a statutory auditor, specified Indian professional, or another appropriately qualified person specified by the Authority.

An IIIO must use a name reflecting its registered insurance intermediary activity, subject to an exception for foreign intermediaries establishing an IFSC branch. It must display its registration certificate and prescribed registration particulars in stakeholder communications, and cannot use another name without prior approval. Business must commence within 180 days of certification. An extension may be requested at least 30 days before expiry, but cannot extend beyond 18 months from certification.

Refusal of renewal requires an applicant to cease acting as an insurance intermediary from the effective date specified in the communication to the IIIO. A refused IIIO must continue servicing existing contracts only until their expiry or for a maximum of six months, whichever is earlier, and must arrange for another registered IIIO in the same category to attend to those contracts. The Authority may seek details of those arrangements.

Registration refusal procedure requires communication of application deficiencies and allows the applicant thirty days to rectify them. If the deficiencies are not rectified to the Authority's satisfaction, registration may be refused only after the applicant receives an opportunity to make written submissions on the proposed grounds. Refusal of registration, including refusal to renew a certificate, must be communicated with reasons or grounds for rejection.

Renewal of an IIIO certificate requires a prescribed application and fee at least 90 days before expiry. Delayed filings may attract an additional penalty fee, while applications made within 60 days after cessation of registration may be considered if delay is condoned. Applications beyond that period are considered only after 12 months, and no new business may be solicited during the intervening period. Grant conditions, required training, and provision of requested information apply to renewal. A renewed certificate remains valid for three years.

Scope of operations for IIIOs distinguishes permitted insurance activities by registration category and location. Direct insurance brokers may operate from the IFSC, other Indian SEZs and outside India, subject to limits on soliciting business from the Domestic Tariff Area. Composite and reinsurance brokers may also operate in the Domestic Tariff Area. IIIOs may transact only authorised classes of business. Registered TPAs, surveyors and loss assessors have restricted policy-servicing functions, with a specified overseas-treatment exception. All IIIOs must comply with applicable laws and conduct financial transactions in freely convertible foreign currency other than Indian Rupee.

Insurance intermediary registration follows a two-stage process of in-principle approval and subsequent certification. In-principle approval requires compliance with minimum capital infusion, branch-head training, professional indemnity insurance, and further necessary conditions. Registration may be granted after compliance with applicable legal and regulatory requirements. Certificates are valid for three years unless revoked or cancelled. Applicants must receive notice of deficiencies and time to rectify them, and must be given an opportunity to make written submissions before registration is refused.

Registration and renewal for an IIIO require exclusive conduct of the registered insurance-intermediary business, compliance with applicable insurance, financial-services, KYC and AML requirements, and prompt written disclosure of false, misleading or materially changed information. The IIIO must maintain client-grievance redressal, procure policies commensurate with its resources and personnel, and keep prescribed policy-level records and books of account. Multi-level marketing for insurance solicitation or procurement is prohibited, and compliance with the prescribed code of conduct is required.

Registration as an insurance intermediary in an IFSC requires an application in the prescribed form with supporting documents and fees. Assessment covers statutory disqualifications, adequate infrastructure, prior refusal or withdrawal of registration applications, capital and net-worth compliance, qualified operational personnel, and the fitness and propriety of management and controlling persons. Promoters and controlling stakeholders must be financially sound, and registration must serve policyholder interests. Applicants must provide requested information and promptly disclose matters affecting their application.

Registration as an insurance intermediary in an IFSC covers insurance distributors and insurance claim service providers. Domestic and overseas intermediaries seeking an unincorporated branch must hold active relevant registration, have experience in the relevant category, and obtain the required no-objection certificate. Overseas applicants must also satisfy FATF-compliant jurisdiction and Double Taxation Avoidance Agreement-linked regulatory environment conditions. Other eligible entities must meet prescribed minimum net worth or paid-up equity capital requirements, with permitted legal forms varying by intermediary category.

Eligible applicants include IRDAI-registered intermediaries, foreign intermediaries registered with home-country regulators, Indian companies, firms, co-operative societies and foreign body corporates. Insurance brokers comprise direct, reinsurance and composite brokers, each permitted to undertake defined solicitation, arrangement and risk-management functions. Corporate agents solicit and service insurance business, while third party administrators provide prescribed health services for insurers. The framework also defines insurance self-network platforms, authorised verifiers, qualified personnel, principal officers and the application of statutory meanings to undefined terms.

Insurance intermediary registration and operations in an International Financial Services Centre are subject to a prescribed process under the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021. The process regulates the entry and operational activities of insurance intermediaries within that Centre under the regulatory purview of the International Financial Services Centres Authority Act, 2019.

Regulation 1 gives the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 their short title and stipulates that they enter into force upon publication in the Official Gazette. The regulations are made under enabling provisions of the International Financial Services Centres Authority Act, 2019 and the Insurance Act, 1938, for insurance intermediaries in International Financial Services Centres.

The Performance Review Committee reviews the Authority's functioning annually for legal compliance, transparency and governance practices, and risk management. Its compliance review assesses whether regulations conform to applicable law, reduce stakeholder compliance burden, are fair, non-discriminatory and accessible, and provide clear and predictable guidance. Risk review assesses monitoring measures, risk identification, categorisation, mitigation, and records of breaches. The Committee may access relevant records, require employee attendance, examine registered complaints, submit findings, and provide a consolidated annual report for action.

Composite show-cause notices under sections 73 and 74 may cover multiple financial years where demands arise from a common factual matrix. Consolidation is procedural only: each financial year retains its independently calculated statutory limitation, and a later year's timeline cannot extend an earlier year's deadline. The use of any period and such periods supports statements for additional periods on the same grounds. Clear year-wise tax breakups allow liabilities to be disaggregated for limitation, adjudication, statutory benefits, and defence, preserving natural justice.

Eligible FinTech entities may receive grants for product development, proof-of-concept activities, sandbox experimentation, sustainable-finance solutions, accelerator capacity-building and listing support. Applications undergo eligibility and regulatory due diligence, including KYC-AML, disclosure and corporate-governance compliance, followed by Evaluation Committee recommendations and grant-specific sanction conditions. Disbursement is linked to agreed milestones and ordinarily made on a reimbursement basis. Recipients must operate from the IFSC during relevant programmes, meet applicable incorporation and authorisation requirements after successful completion, and comply with end-use and implementation restrictions.

Wizzmoni Financial Services Ltd. and City Union Bank Ltd. have partnered to launch Wizz Voyager, a co-branded AI-powered multi-currency prepaid travel card for Indian residents undertaking international travel. The card supports 37 international currencies and provides real-time exchange-rate locking, spending controls, transaction tracking and mobile-app-based management. It is designed to facilitate foreign-exchange spending and management of multiple currencies through a single payment instrument.

Rule 164 establishes an electronic application process for persons eligible for waiver of interest, penalty, or both under Section 128A in relation to specified Section 73 notices, statements, and orders. FORM GST SPL-01 applies to notices or statements; FORM GST SPL-02 applies to orders. Payments against orders must be credited to the Electronic Liability Register, and payments made through FORM GST DRC-03 require FORM GST DRC-03A adjustment before FORM GST SPL-02.