Setting up of ICD/CFS/AFS approvals: IMC discretion governs project approval, conditional LOI issuance and revocation for noncompliance.

Procedures for authorising establishment and modification of ICDs/CFSs/AFSs center on the IMC. Applicants must file a prescribed application with a Detailed Project Report and obtain the jurisdictional Commissioner's feasibility recommendation; IMC considers proposals on merits and issues a Letter of Intent on approval with time-limited conditions and restricted extensions. Investments before IMC approval are at the applicant's risk. IMC may suspend or revoke approvals for breach, public interest concerns or convictions. Conversions, ownership changes and relocations are subject to specified procedural routes and requirements.

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