Under the Madhya Pradesh Excise Act and Country Spirit Rules, a CS-1 licence for manufacture, bottling and wholesale supply of country spirit requires State Government approval and operation within an area determined by the Excise Commissioner. The governing provisions do not prescribe prior participation in a tender process or prior allotment of an operational area as licence conditions. Although no fundamental right exists to trade in liquor, the State's grant of liquor privileges must satisfy Article 14 and cannot be arbitrary. Refusal solely for non-participation in tendering is therefore inconsistent with the statutory scheme and requires reconsideration without those extraneous conditions.

Trusted financial innovation requires financial stability, customer protection, security, transparency, accountability and fairness. Digital payments, as critical infrastructure, require operational and cyber resilience, ecosystem-wide fraud prevention, effective authentication, grievance redressal and timely customer access to funds. Digital lending does not dilute regulated-lender responsibility; borrowers must understand loan terms, and data use must be consent-based, purpose-linked and secure. Institutions remain accountable for algorithmic decisions, model bias and explainability. Regulation should be proportionate to risk while supporting inclusive, resilient innovation.

Fintech should advance financial inclusion through accessible savings, insurance, pensions and small-ticket credit, while AI, quantum computing and tokenisation serve consumer service, credit assessment, efficiency and fraud prevention. Trust requires mitigating AI-related risks, treating customer data as a fiduciary responsibility, using consent-based and purpose-limited data sharing, and maintaining resilience, continuity and cybersecurity at scale. Regulation is proportionate and activity-based, calibrated to risk, capacity, systemic significance and consumer conduct.

Regulation 148 repeals the 2022 fund-management framework and supersedes specified circulars while preserving regulatory continuity. Prior registrations, approvals, fees, enforcement actions, investigations, notices and pending applications are deemed to continue under corresponding 2025 provisions. Accrued rights, liabilities, penalties, proceedings and remedies remain unaffected. References to the repealed framework are read as references to corresponding 2025 provisions, and earlier circulars and guidelines continue unless specifically superseded or modified.

Delegation of powers permits the Authority's powers under the International Financial Services Centres Authority (Fund Management) Regulations, 2025 to be exercised by an Authority officer where those powers have been delegated by the Authority.

Regulation 146 permits the Authority to prescribe norms, procedures, processes and additional requirements through circulars, guidelines or directions for implementing the Fund Management Regulations and addressing incidental matters. It also permits directions through guidance notes or circulars to remove difficulties in the interpretation or application of the Regulations.

Regulatory or innovation sandbox participation may permit exemption from all or specified regulatory requirements for a stated period not exceeding eighteen months, to facilitate live-environment testing of innovative financial-market products, strategies, processes, services, business models and technology. Experiments involving a scheme and a new strategy must not solicit money from the public and must follow the specified framework. Exemptions are subject to conditions imposed on the applicant, including continuous compliance conditions.

The Authority may relax strict enforcement of Fund Management Regulations requirements in the interest of financial market development in the IFSC, subject to recorded written reasons. An applicant must file a detailed application stating the grounds for relaxation and pay the specified non-refundable fee. A complete application, including responses to clarifications sought, must be processed within sixty days, with reasons recorded for acceptance or refusal.

Suspension, cancellation of registration, or other action against a Fund Management Entity may be taken for non-compliance with registration conditions or applicable regulatory requirements, failure to furnish required information or periodic reports, or provision of materially false or misleading information. Action may also follow from non-cooperation in regulatory enquiries, inspections, or investigations, failure to address investor complaints satisfactorily, or any act or omission warranting intervention or adverse to investor interests.

Post-inspection enforcement authorises directions after consideration of an inspection report and a reasonable opportunity of hearing. Directions may restrict new scheme launches or fundraising, prevent disposal of property acquired in contravention, require directed asset disposal, and require repayment of money or assets to investors with or without interest. Concerned persons may also be prohibited from operating in or accessing the financial market for a specified period.

NICDC conducted business-to-business meetings with Russian counterparts, BRICS delegates, prospective investors and industry representatives to explore manufacturing partnerships, localisation, technology collaboration and supply-chain integration. Industrial Smart Cities were presented as platforms offering serviced industrial land, quality infrastructure, multimodal connectivity and investor facilitation for manufacturing investment. The engagements promoted collaboration among manufacturers, technology providers and supply-chain participants.

Inspection reports must be submitted by the Inspecting Authority to the Authority following an inspection. The Authority may take such action as it considers fit and appropriate on the basis of that report. Where directed by the Authority, the Inspecting Authority may also submit an interim report before the final inspection report.

European Commission submission to the European Council seeks authority to sign and conclude the EU-India Free Trade Agreement. Following adoption and entry into force, the agreement is intended to improve market access, reduce tariffs, remove unnecessary trade barriers, and establish predictable rules for trade and investment. After Council approval, the final text requires European Parliament approval before implementation.

The Authority may appoint an auditor to inspect an FME's books, records, documents, infrastructure, systems, procedures and affairs. The auditor has the same powers as an inspecting authority, and the FME and its employees have corresponding obligations. The Authority may also appoint a valuer where necessary to value scheme assets and may recover inspection expenses, including auditor or valuer fees.

Inspections of Fund Management Entities require the FME and its associated officers, personnel and agents to cooperate fully, furnish books of account, records, documents, statements and activity-related information within the specified time, and permit reasonable access to premises. Relevant copies and examination facilities must be provided. The Inspecting Authority may examine or record statements of specified associated persons, each of whom must provide the assistance required for the inspection.

Regulation 138 permits the Authority to appoint Inspecting Authorities to inspect an FME or associated entity's records, infrastructure, procedures and systems, or investigate scheme and regulated activities. Inspection may verify recordkeeping, regulatory compliance, internal controls, fitness and eligibility, and complaints or matters affecting investors and the IFSC financial market. Prior notice is generally required, but may be waived in the interests of investors where written reasons are recorded.

Bilateral economic and industrial cooperation prioritises diversification beyond energy trade, expanded non-energy exports, reciprocal investment, currency settlement mechanisms and transport connectivity. Priority sectors include pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products, auto components and tractors. A bilateral investment treaty is intended to provide investor legal certainty, while free-trade negotiations with the Eurasian Economic Union are intended to widen market access. Businesses and officials are expected to address barriers involving payments, certification, standards, logistics, visa access and approvals, and to promote manufacturing collaboration through investment-ready industrial corridors.

An FME may undertake only specified business activities unless it obtains prior approval of the Authority. A branch FME in an IFSC must report relevant sectoral-regulator approvals for activities outside the IFSC within fifteen days. Prior intimation, with office details, is required before opening an overseas branch or representative office for marketing offerings or client service.

Investor disclosure obligations require the FME to provide information on investors' scheme holdings at each month-end and within ten working days of an investor's request. Fiduciaries must disclose information essential to keep investors informed where it may adversely affect their investments. These requirements establish periodic and request-based holding information.

Every scheme launched by an FME must have its annual statement of accounts audited by an auditor independent of the FME. Fiduciaries appoint the auditor, receive the audit report, and ensure that the report forms part of the scheme's Annual Report.