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        <title>Tax Updates - Daily Update</title>
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        <description>One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India</description>
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<title>Fourth Schedule - Refer Regulations 7</title>
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<description><![CDATA[Registration of insurance business in an International Financial Services Centre is evidenced through prescribed certificates issued under the IFSCA Act, 2019, read with the Insurance Act, 1938. Form A grants registration to a named entity for specified classes of insurance business. Form B provides joint registration for a relevant foreign insurer or foreign reinsurer and its managing general agent, recognising the MGA as acting for that insurer or reinsurer in relation to scheduled business classes. Both certificates remain subject to the applicable statutory and regulatory framework.]]></description>
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        <item>
<title>Provisions applicable for MGA and relevant Foreign Insurer or Foreign Re-insurer</title>
<link>https://www.taxtmi.com/acts?id=55376</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Managing General Agents transacting insurance business in an IFSC must establish an Indian company, maintain prescribed paid-up capital, and provide regulatory and operational assistance to the represented foreign insurer or foreign re-insurer. Business may be conducted only where the foreign principal authorises acceptance of legal process and undertakes responsibility for claims. A binding agreement must define underwriting and claims authority, business operations, staffing, financial information, professional indemnity, classes of business and compliance arrangements. MGAs must identify themselves as representatives rather than insurers.]]></description>
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        <item>
<title>Provisions applicable for Lloyd’s and Lloyd’s IFSC</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Members of Lloyd's may transact insurance business from Lloyd's IFSC only through registered Service Companies, with those companies authorised to accept notices and legal processes. Policyholders must have recourse to the Chain of Security on terms comparable to relevant London general business policies. Service Companies must be registered, identify represented syndicates, meet incorporation and capital requirements, undertake statutory and regulatory compliance, operate under delegated underwriting authority, disclose that they act for syndicates rather than as insurers, and may face cancellation for specified non-compliance or misconduct.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
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        </item>
        <item>
<title>Application by an Indian Insurer or Indian Re-Insurer for grant of certificate of registration as IIO</title>
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<description><![CDATA[Registration as an IIO requires use of the prescribed application form for Indian insurers or re-insurers, foreign insurers or re-insurers, joint MGA and foreign insurer or re-insurer applicants, or specified corporate and co-operative applicants. Applications require corporate, capital, ownership, governance, proposed-office, regulatory-approval, solvency, business-strategy and financial-projection disclosures, supported by specified resolutions, certificates, reports and annexures. Foreign and joint applicants must provide home-country regulatory, authorization, credit-rating, assigned-capital and reinsurance information. Applicants must certify the accuracy of facts and reasonableness of projections; non-English materials require certified English translations.]]></description>
<category>TaxLaws</category>
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        </item>
        <item>
<title>Definitions</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 3 defines eligible applicants for IFSC insurance business registration, including Indian and foreign insurers, reinsurers, Lloyd's, specified companies, co-operative societies, foreign body corporates, and MGAs acting under binding agreements. It defines an IIO as a registered financial institution undertaking permissible activities and specifies that a binding agreement authorises an MGA to act for and enter insurance contracts on behalf of a foreign insurer or reinsurer. Net Owned Fund is based on the last audited balance sheet and excludes subsequently raised capital.]]></description>
<category>TaxLaws</category>
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        </item>
        <item>
<title>An IIO shall follow following basic regulatory requirements or such other requirements...</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Insurance International Offices must continuously satisfy applicable capital, solvency, governance and compliance conditions. Assigned capital must be maintained in freely convertible foreign currency and, for relevant branches and places of business, held and invested under home-country regulatory requirements. Solvency backing assets must remain unencumbered, supported by quarterly actuarial certification. IIOs must commence approved business within the prescribed period, appoint resident and fit-and-proper officers or key managerial personnel, maintain records, meet KYC and AML obligations, report operational information and financial data as required, and comply with shareholding approval and prudential requirements.]]></description>
<category>TaxLaws</category>
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        <item>
<title>After considering the application the Authority, if satisfied may grant certificate of registration in the relevant FORM...</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[The Authority may grant a certificate of registration for insurance business after considering an application and being satisfied. The certificate must be issued in the relevant form specified in the Fourth Schedule and is subject to prescribed registration conditions and any additional conditions imposed by the Authority. Registration remains valid unless revoked or cancelled by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>An Applicant including Lloyd’s seeking registration...</title>
<link>https://www.taxtmi.com/acts?id=55357</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Registration as an IIO is initiated by an application made in the relevant form specified in the First Schedule. The application mechanism applies to every applicant, expressly including Lloyd's, seeking IIO registration. Use of the prescribed form constitutes the procedural requirement for submitting an IIO registration application.]]></description>
<category>TaxLaws</category>
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        <item>
<title>Eligibility Conditions for Registration</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Eligibility for registration of an IFSC Insurance Office requires applicants to satisfy conditions based on their legal form and jurisdiction. Indian applicants need IRDAI registration and no-objection clearance, satisfactory compliance records, reporting structures, and board undertakings on liabilities, capital and solvency. Foreign applicants require home-jurisdiction licensing and regulatory clearance, compliance records, reporting arrangements, financial security standards, and relevant board undertakings. Registration also depends on fit-and-proper assessment, jurisdictional anti-money-laundering and counter-terrorist-financing compliance, and fulfilment of any additional conditions or information requirements.]]></description>
<category>TaxLaws</category>
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        <item>
<title>Registration</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Prior registration with the Authority is mandatory before any person may commence insurance or re-insurance business in an IFSC. Applicants, including Lloyd's, must apply using the forms in the First Schedule and in the manner specified by the Authority. The Second Schedule governs provisions concerning Lloyd's, Lloyd's IFSC and registration of a Service Company of Lloyd's IFSC. The Third Schedule governs registration-related provisions for an MGA and the relevant foreign insurer or foreign re-insurer.]]></description>
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        <item>
<title>Objective</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Registration and operational processes for insurers and reinsurers in an International Financial Services Centre are intended to be established under the regulatory purview of the International Financial Services Centres Authority. The framework concerns insurance and reinsurance business registration and operations within such centres pursuant to the International Financial Services Centres Authority Act, 2019.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
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        </item>
        <item>
<title>Short title and commencement</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Insurance business registration in International Financial Services Centres is regulated under the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. The framework is made pursuant to the Authority's power under section 28(1), read with sections 12 and 13, of the International Financial Services Centres Authority Act, 2019. Its legal operation begins on publication in the Official Gazette.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
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        </item>
        <item>
<title>Repeals and saving</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 22 repeals the specified insurance business guideline governing International Financial Services Centres from publication of the Registration of Insurance Business Regulations, 2021 in the Official Gazette. Actions taken under the repealed guideline are preserved and deemed to have been taken under corresponding provisions. An Insurance Office operating in an International Financial Services Centre before notification must meet any additional requirements within three months, subject to an extension permitted by the Authority.]]></description>
<category>TaxLaws</category>
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        <item>
<title>Surrender of Certificate of Registration</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Surrender of Certificate of Registration for closure of an Insurance Intermediary Office (IIO) is permissible only with prior approval of the Authority and subject to conditions specified by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
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        <item>
<title>Action in case of Default</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Disciplinary action may be taken against an IIO whose operations fail to comply with applicable legal requirements or whose activities are adverse to the insurance market or public interest. Available measures include suspension or cancellation of the certificate of registration, after allowing the IIO an opportunity to make submissions. Other appropriate action may also be taken under applicable laws.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Inspection, Investigation and Information</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[The Authority may inspect or investigate the affairs of an International Financial Services Centre Insurance Office and call for relevant information from the IIO, its employees and an applicant. These powers extend only to information relating to the entity's activities as an IIO.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Power to specify procedures and issue clarification</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 18 empowers the Authority to issue guidelines or circulars specifying norms, procedures, processes and manners for implementing the regulations and incidental matters. It may issue clarifications and grant relaxations considered fit to facilitate and regulate insurance and reinsurance-related financial services within an IFSC.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>An IIO may render such other insurance or re-insurance business...</title>
<link>https://www.taxtmi.com/acts?id=55367</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[An IIO may provide other insurance- or reinsurance-business-related services specified by the Authority only after obtaining prior approval. The approval is subject to conditions specified by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>In case of re-insurance business, the IIO...</title>
<link>https://www.taxtmi.com/acts?id=55366</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55366</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[An IIO undertaking re-insurance business may accept cessions from IFSC-based cedents concerning risks emanating from other special economic zones, as well as re-insurance business from outside India. It may also accept re-insurance business from insurers operating in the domestic tariff area, subject to the prescribed order of preference for cession.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>The IIO registered to transact direct insurance business...</title>
<link>https://www.taxtmi.com/acts?id=55365</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[An International Financial Services Centre Insurance Office registered to transact direct insurance business cannot write direct insurance business from the Domestic Tariff Area except in accordance with section 2CB of the Insurance Act, 1938.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>An IIO registered to transact direct insurance business...</title>
<link>https://www.taxtmi.com/acts?id=55364</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55364</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Direct insurance business by an IIO registered under the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 may be permitted within an IFSC, from other special economic zones, and from outside India. Regulation 13 defines the permissible territorial channels for transacting such business.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
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        <item>
<title>An IIO shall not engage itself in any business other than...</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 12 restricts an International Insurance Office (IIO) to the insurance business for which registration has been granted by the Authority. An IIO must not undertake other business outside the scope of its authorised registration, confining permissible activities to the approved registration purpose under the framework for registration of insurance business.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
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        <item>
<title>An IIO shall conduct its business in any freely convertible foreign currencies...</title>
<link>https://www.taxtmi.com/acts?id=55362</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 11 requires an IIO to conduct its business in freely convertible foreign currencies other than INR. Such business may be conducted with persons resident in India or otherwise, subject to the Authority's permission regarding the persons with whom the business is permitted.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>An IIO registered with the Authority may carry any of the following class of businesses...</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[An IIO registered with the Authority may carry on life, general, health or re-insurance business, subject to Authority permission and prescribed conditions. An IIO functioning as a place of business of an Indian insurer or as a branch office of a foreign insurer or re-insurer may transact only business authorised for the applicant by its home-country regulatory or supervisory authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
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        <item>
<title>If the Applicant fails to rectify such deficiencies to the satisfaction of the Authority within the specified time...</title>
<link>https://www.taxtmi.com/acts?id=55360</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Registration of insurance business may be refused where an applicant does not rectify identified deficiencies to the Authority's satisfaction within the specified period. Before refusing registration, the Authority must give the applicant an opportunity to make written submissions on the grounds on which refusal is proposed. Any refusal must be communicated to the applicant together with the reasons for refusal.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
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        <item>
<title>If, after considering the application, the Authority is of the opinion that registration cannot be granted...</title>
<link>https://www.taxtmi.com/acts?id=55359</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Registration refusal procedure requires communication of deficiencies where registration cannot be granted after examination of an application. The applicant must receive thirty days to rectify the identified deficiencies before the registration process proceeds further.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Repeal and Savings</title>
<link>https://www.taxtmi.com/acts?id=55351</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 73 replaces specified IFSC market-infrastructure provisions while preserving the continuing application of depository-participant and issuer requirements. Actions taken under the earlier framework before commencement are deemed to have been taken or commenced under corresponding provisions of the 2021 Regulations. A specified SEBI circular is superseded, whereas other applicable SEBI circulars and guidelines remain in force until replaced by regulations, circulars, or guidelines issued by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Bye-laws and rules</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Bye-laws governing contracts and clearing and settlement must be made by recognised stock exchanges and recognised clearing corporations only with the Authority's prior approval. Amendments to those bye-laws, and to constitutional documents concerning matters under the SCRA or the Market Infrastructure Institutions Regulations, also require prior approval.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Withdrawal of recognition</title>
<link>https://www.taxtmi.com/acts?id=55291</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Withdrawal of recognition of a market infrastructure institution may be undertaken by the Authority only after the institution is given a reasonable opportunity of being heard. Recognition of a stock exchange or clearing corporation must be withdrawn in accordance with the procedure prescribed under section 5 of the SCRA.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>An application for recognition as a stock exchange or a clearing corporation</title>
<link>https://www.taxtmi.com/acts?id=55284</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition applications for a stock exchange or clearing corporation in an IFSC must include copies of the memorandum of association, articles of association, bye-laws and other prescribed documents. The accompanying material is governed by the SCRA, applicable rules and the Market Infrastructure Institutions Regulations.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Definitions</title>
<link>https://www.taxtmi.com/acts?id=55280</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Definitions govern recognised market infrastructure institutions in an International Financial Services Centre, including stock exchanges, clearing corporations and depositories. Associate status covers control relationships, significant voting control, corporate relationships, relatives, Hindu Undivided Family membership, and circumstances involving control, independence or conflicts of interest. Foreign jurisdiction eligibility depends on recognised regulatory cooperation and the absence of specified Financial Action Task Force deficiencies. Netting offsets settlement obligations to determine net claims or liabilities, while novation makes recognised clearing corporations legal counterparties to trades.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
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        </item>
        <item>
<title>Short title and commencement</title>
<link>https://www.taxtmi.com/acts?id=55279</link>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 are made under the International Financial Services Centres Authority Act, the Securities Contracts (Regulation) Act and the Depositories Act. They come into force on the thirtieth day after publication in the Official Gazette.]]></description>
<category>TaxLaws</category>
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        <item>
<title>Registration Requirement</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Registration is mandatory before a Finance Company or Finance Unit may commence scheduled activities in an IFSC. Applications require prescribed minimum owned fund requirements, with a Finance Unit's parent maintaining the required fund on an unimpaired basis. Applicants and/or promoters must be from FATF-compliant jurisdictions and comply with anti-money-laundering and counter-terrorist-financing standards. Registration may be granted subject to conditions, including provisional registration where additional compliance time is justified. Deficiencies must be notified for rectification, and refusal requires reasons and an opportunity for written submissions.]]></description>
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        <item>
<title>Schedule - [See regulation 3(1), 3(5)(i) and 3(5)(ii)]</title>
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<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Minimum owned fund thresholds apply according to finance-company activities. Aircraft operating lease and non-core activities require USD 0.2 million or its freely convertible currency equivalent, with aircraft leasing exemptions from regulations 4 and 8 subject to a Board-approved prudential policy and fit-and-proper criteria. Core activities require USD 3 million, while specialised activities require USD 5 million. Facilitating permitted core activities and undertaking permissible activities without customer interface are identified without a stated minimum owned fund amount.]]></description>
<category>TaxLaws</category>
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        </item>
        <item>
<title>Action in Case of Default</title>
<link>https://www.taxtmi.com/acts?id=55277</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55277</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Failure by a Finance Company or Finance Unit to fulfil conditions attached to registration permits the Authority to take appropriate action, including suspension, withdrawal, or cancellation of registration. Before taking such action, the entity must be given an opportunity to make submissions.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Permissible activities</title>
<link>https://www.taxtmi.com/acts?id=55271</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55271</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Finance Companies and Finance Units may conduct specified specialised, core and non-core financial activities, subject to applicable conditions, guidelines and registration requirements. Non-core activities must be conducted through separately identifiable departments with firewalls against conflicts of interest and a board-approved grievance redressal and customer compensation policy. Resident dealings remain subject to foreign-exchange law. Derivative transactions by entities conducting non-core activities are restricted to hedging underlying exposures, and speculative transactions may neither be undertaken nor funded.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Definitions</title>
<link>https://www.taxtmi.com/acts?id=55268</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55268</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Finance Companies and Finance Units may undertake permissible financial activities but must not accept public deposits from residents or non-residents or be registered as Banking Units. Finance Companies are separately incorporated entities, whereas Finance Units are permitted branches. Public deposits include demand-repayable and term-deposit amounts. Owned fund is calculated from qualifying capital and reserves after specified exclusions and deductions. Aircraft and ship leases include operating, financial and hybrid lease arrangements. Undefined terms adopt meanings assigned under applicable governing and company law.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Short title and commencement</title>
<link>https://www.taxtmi.com/acts?id=55267</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55267</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[International Financial Services Centres Authority (Finance Company) Regulations, 2021 establish the regulatory framework for finance companies operating in International Financial Services Centres. The regulations are made through the Authority's rule-making powers under the International Financial Services Centres Authority Act, 2019 and take effect from the date of publication in the Official Gazette.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Recruitment rules for various appointments in international financial services centres authority</title>
<link>https://www.taxtmi.com/acts?id=55264</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55264</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recruitment across Executive Director, officer Grades F to A, secretarial staff, and multi-tasking staff combines promotion, direct recruitment, deputation, absorption, and limited contract appointment. Executive Director and Grades F through B generally reserve 75% of posts for promotion, failing which deputation, and 25% for direct recruitment or deputation. Contract appointments may be used where prescribed channels fail, for up to five years subject to annual performance review. Eligibility depends on the relevant grade's age limit, prescribed academic or professional qualifications, and experience in financial, regulatory, legal, administrative, or related fields.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Classification and appointment of whole-time employees</title>
<link>https://www.taxtmi.com/acts?id=55169</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55169</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Whole-time employees are classified into officer grades, executive-assistant and executive-superintendent positions, and multi-tasking staff categories. Appointments are discretionary to the competent authority, without entitlement to a particular post or grade. Recruitment may occur at specified entry grades under Recruitment Rules governing methods, qualifications, age, experience, and promotion. Competitive examinations and selection processes may be conducted internally or through an external agency, with written reasons required for relaxation. Interviews or group discussions are excluded for non-officer recruitment.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Medical aid facilities</title>
<link>https://www.taxtmi.com/acts?id=55256</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55256</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 89 provides medical aid and facilities to employees of the International Financial Services Centres Authority and eligible dependents under Authority-approved guidelines. Coverage may include illness, accidental injuries, hospitalisation and domiciliary treatment. The Authority may also obtain comprehensive health insurance for employees and dependents on terms it determines. Group Mediclaim Policy and National Pension System arrangements apply in accordance with Annexure-2.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Appeal</title>
<link>https://www.taxtmi.com/acts?id=55255</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55255</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Employee disciplinary appeals may challenge penalties or suspension orders before the designated Appellate Authority. Appeals must be filed within 45 days, be in Hindi or English, contain all material arguments, use respectful language, and specify the relief sought. Appellate review considers the justification of findings and whether the penalty is excessive or inadequate. The Appellate Authority may confirm, enhance, reduce or set aside a penalty, or remit the matter. Enhancement to a major penalty requires a prior inquiry or, where an inquiry has been held, a show-cause notice and consideration of the employee's representation.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Vigilance cases</title>
<link>https://www.taxtmi.com/acts?id=55254</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55254</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Vigilance cases concerning alleged employee corruption may be investigated by the Central Bureau of Investigation, Central Vigilance Commission, or another approved agency where specified conditions exist. A prima facie investigation report may be referred for advice on disciplinary action. The inquiry may be conducted by a Commissioner for Departmental Enquiries or another nominated person. Advice may also be sought on proof of charges and penalties, while the competent authority decides the penalty after considering that advice.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Suspension</title>
<link>https://www.taxtmi.com/acts?id=55253</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55253</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Suspension may be ordered where disciplinary proceedings are contemplated or pending, or a criminal case is under investigation, inquiry or trial. Deemed suspension follows detention exceeding 48 hours or conviction resulting in imprisonment where immediate separation from service does not occur. Suspension cannot ordinarily exceed 90 days, subject to a limited exceptional extension. Subsistence allowance is payable during suspension, with an enhanced rate after three months where delay is not attributable to the employee.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Special procedure in certain cases</title>
<link>https://www.taxtmi.com/acts?id=55252</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55252</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 85 permits the Competent Authority to impose prescribed disciplinary penalties through a special procedure overriding ordinary requirements where facts are established by a court of law or court martial, an employee has absconded, or communication is impracticable. Requirements may also be waived where observance is difficult and waiver causes no injustice to the employee. Written reasons are mandatory whenever any procedural requirement is waived.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Communication of orders</title>
<link>https://www.taxtmi.com/acts?id=55250</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55250</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Disciplinary or appeal-related orders made by the Competent Authority must be communicated to the employee concerned. Where an inquiry has been conducted, the employee must also be supplied with a copy of the inquiry report.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Procedure for imposing minor penalties</title>
<link>https://www.taxtmi.com/acts?id=55249</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55249</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Minor penalty proceedings require written communication to the employee of the alleged lapses and an opportunity to submit a written defence. The defence must be filed within the specified period, which cannot exceed 15 days unless the Competent Authority grants an extension, and must be considered before orders are passed. Where an inquiry is considered necessary, the procedure applicable to major penalties must be followed.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Action on the inquiry report</title>
<link>https://www.taxtmi.com/acts?id=55248</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55248</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[The Competent Authority may remit a disciplinary matter for fresh or further inquiry by recording written reasons, where it is not the Inquiry Officer. If it disagrees with findings on an article of charge, it must record its reasons and may make its own findings where the evidence on record is sufficient. Based on findings on any or all charges, it may impose a prescribed penalty or exonerate the employee where no penalty is warranted.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Procedure for imposing major penalties</title>
<link>https://www.taxtmi.com/acts?id=55247</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55247</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Major penalties may be imposed only after a formal inquiry into alleged misconduct or misbehaviour. Definite charges and supporting imputations must be served on the employee, who may submit a written defence, take assistance from another employee, inspect and seek relevant evidence, cross-examine witnesses, lead defence evidence, and file a written brief. The Inquiry Officer must assess the evidence and record reasoned findings on each charge. Non-compliance may result in an ex parte inquiry. The complete inquiry record must be forwarded to the Competent Authority where it did not conduct the inquiry.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Penalties</title>
<link>https://www.taxtmi.com/acts?id=55246</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55246</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 79 classifies employee disciplinary sanctions into minor and major penalties for regulatory breaches, negligence, conduct detrimental to the Authority, indiscipline, and misconduct. Minor penalties include censure, withholding promotion or increments, recovery of pecuniary loss, and limited non-cumulative pay reduction. Major penalties include specified pay reduction, reduction in grade, post or service, compulsory retirement, removal, and dismissal. It also excludes specified increment withholding, non-promotion, reversion, employment termination, medical termination, and retirement actions from the meaning of penalty.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Probation of Sexual Harassment of Women Employee at Work Place</title>
<link>https://www.taxtmi.com/acts?id=55245</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55245</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Sexual harassment of women employees at the workplace is prohibited. Complaints are handled by a Complaints Committee chaired by a senior woman employee and constituted with specified male, female and external representation, with at least half its members being women. The Committee may close motivated or frivolous complaints, initiate a reasoned inquiry where grounds exist, exercise inquiry-officer powers, and provide counselling or support services. Its findings are recorded as an inquiry report, while the Competent Authority initiates disciplinary proceedings and imposes penalties for proven conduct-rule violations.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Employees arrested on criminal charges</title>
<link>https://www.taxtmi.com/acts?id=55240</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55240</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Arrest, detention or imprisonment of an employee triggers deemed suspension from the date of arrest or detention for the period directed by the competent authority, with suspension payment subject to adjustment of pay and allowances. Committal to prison for debt or conviction for an offence involving gross moral turpitude or bearing on the Authority's affairs or duties may result in dismissal or another prescribed penalty. Reinstatement follows where a higher court sets aside the conviction and acquits the employee.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Power to specify procedures and issue clarifications</title>
<link>https://www.taxtmi.com/acts?id=55350</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55350</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[The Authority may prescribe, through circulars, norms, procedures, processes, manners and guidelines for market infrastructure institutions to implement the regulatory framework and address incidental matters. The power permits operational specification of requirements and clarification of implementation arrangements, including processes and methods to be followed where matters are provided for under the regulations and connected with their implementation.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Power to relax strict enforcement of the regulations</title>
<link>https://www.taxtmi.com/acts?id=55349</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55349</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Relaxation of regulatory requirements may be granted by the Authority in the interest of developing and regulating financial services in an IFSC. A request must be made through an application stating the relevant details and grounds and accompanied by a non-refundable fee of USD 1500. A complete application must be processed within thirty days, with reasons recorded for acceptance or refusal. Reasons for rejection must be communicated to the applicant.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Power to remove difficulties</title>
<link>https://www.taxtmi.com/acts?id=55348</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55348</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Power to remove difficulties authorises the Authority to issue directions through guidance notes or circulars where difficulties arise in interpreting or applying the Market Infrastructure Institutions Regulations, 2021.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Authority to recover the expenses</title>
<link>https://www.taxtmi.com/acts?id=55347</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55347</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recovery of inspection and investigation expenses permits the Authority to recover from a recognised market infrastructure institution expenses incurred in examining its books of account, records, documents, infrastructure, systems and procedures, including fees paid to auditors.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Appointment of Auditor by the Authority</title>
<link>https://www.taxtmi.com/acts?id=55346</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55346</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[The Authority may appoint an auditor to inspect or investigate a recognised market infrastructure institution's books of account, records, documents, infrastructure, systems, procedures, or affairs.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Directions by the Authority</title>
<link>https://www.taxtmi.com/acts?id=55345</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55345</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Directions by the Authority may be issued without limiting powers under the IFSCA Act or related rules and regulations. Directions may be initiated on the Authority's own motion, upon receipt of information, or during or after an inspection, inquiry, or investigation, where appropriate to protect public, trade, investor, or securities market interests in an IFSC.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Inspection</title>
<link>https://www.taxtmi.com/acts?id=55344</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55344</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Inspection powers permit the Authority to inspect, inquire into, and audit a market infrastructure institution, its associates, and its shareholders at any time. Relevant managers, directors, officers and employees must cooperate during an inspection. Following consideration of an inspection or investigation report, the Authority may take such action as it considers fit and appropriate.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Power to call for information</title>
<link>https://www.taxtmi.com/acts?id=55343</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55343</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[The Authority may, at any time, require information, documents or records from a recognised market infrastructure institution, its governing board, or any shareholder. This power enables regulatory access to material held by the institution and persons connected with its governance or ownership.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Returns and reports</title>
<link>https://www.taxtmi.com/acts?id=55342</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55342</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Returns and reporting obligations require every recognised market infrastructure institution to furnish returns, statements and particulars to the Authority in the manner specified by it. Each institution must also submit its annual financial statements and returns to the Authority by 30 September each year. Recognised stock exchanges and recognised clearing corporations must additionally include information required under rules 17 and 17A in their reports.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Compliance Officer</title>
<link>https://www.taxtmi.com/acts?id=55341</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55341</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must appoint a compliance officer to monitor compliance with applicable laws, including securities laws, the IFSCA Act, and rules and regulations made under it. The compliance officer is responsible for redressal of investors' grievances and must immediately and independently report any observed noncompliance to the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Record keeping</title>
<link>https://www.taxtmi.com/acts?id=55340</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55340</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Market infrastructure institutions must, in addition to obligations under other applicable laws, maintain and preserve all books, registers, documents and records relating to the issue or transfer of their securities. Records must be kept in electronically retrievable form for a minimum period of twenty years.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Maintenance of website</title>
<link>https://www.taxtmi.com/acts?id=55339</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55339</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must maintain a website or another universally accessible electronic information repository. It must publish required regulatory information, all rules, regulations, bye-laws, guidance and amendments, membership or association application procedures, and material information concerning institutional functions.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Equal, fair and transparent access</title>
<link>https://www.taxtmi.com/acts?id=55338</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55338</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must ensure equal, unrestricted, transparent and fair access for all persons, without bias in favour of their associates or related entities.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Pledge</title>
<link>https://www.taxtmi.com/acts?id=55337</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55337</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Every recognised depository must incorporate in its bye-laws a procedure governing the creation of a pledge by beneficial owners over securities owned by them. The operational mechanism for pledging such securities must therefore be addressed through the depository's prescribed internal procedures.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Co-operation</title>
<link>https://www.taxtmi.com/acts?id=55336</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55336</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must extend necessary co-operation to beneficial owners, issuers and their agents, securities custodians, other depositories, and clearing corporations. This obligation is directed at ensuring effective, prompt, and accurate clearance and settlement of securities transactions and the conduct of business.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Maintenance of records</title>
<link>https://www.taxtmi.com/acts?id=55335</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55335</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must maintain records of dematerialised and rematerialised securities, securities transfers, beneficial owners and daily beneficial holdings. They must also preserve participant details, instructions involving participants, issuers and beneficial owners, pledge or hypothecation entries, and securities eligible for dematerialisation. The location of records must be intimated to the Authority, and all prescribed records and documents must be retained in electronic retrieval form for at least twenty years.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Business Continuity Plan and Disaster Recovery</title>
<link>https://www.taxtmi.com/acts?id=55334</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55334</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must maintain a Business Continuity Plan and a Disaster Recovery Site to safeguard data and transaction integrity. These operational resilience arrangements must be established and maintained in the manner specified by the Authority from time to time.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Risk Management</title>
<link>https://www.taxtmi.com/acts?id=55333</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55333</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must maintain a sound risk management system and infrastructure capable of comprehensively managing risks. Risk-management arrangements must support operational resilience and address risks arising from recognised market-infrastructure functions.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Withdrawal by participant</title>
<link>https://www.taxtmi.com/acts?id=55332</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55332</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[A recognised depository must permit a participant to withdraw or transfer its account where the request complies with conditions contained in the depository's bye-laws. The participant's entitlement is subject to the procedural and substantive requirements of that bye-law framework.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>A recognised depository shall take adequate measures including insurance to protect the interests...</title>
<link>https://www.taxtmi.com/acts?id=55331</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55331</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Protection of beneficial owners requires every recognised depository to adopt adequate protective measures against risks arising from its activities as a recognised depository. Such measures must include insurance to safeguard beneficial owners' interests against activity-related risks.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Mechanism for investor protection</title>
<link>https://www.taxtmi.com/acts?id=55330</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55330</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Investor protection mechanism is mandatory for every recognised depository and must adequately safeguard persons buying and selling securities held in the depository.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Connectivity</title>
<link>https://www.taxtmi.com/acts?id=55329</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55329</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must maintain continuous electronic communication with participants, issuers or issuers' agents, clearing houses, clearing corporations of stock exchanges, and other depositories. The connectivity requirement supports uninterrupted coordination across the depository and market-infrastructure ecosystem.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>A recognised depository shall cause an inspection of its controls, systems, procedures and safeguards...</title>
<link>https://www.taxtmi.com/acts?id=55328</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55328</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[A recognised depository must arrange an annual inspection of its controls, systems, procedures and safeguards. It must forward a copy of the resulting inspection report to the Authority under Regulation 50 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>A recognised depository shall ensure that the integrity of the automatic data...</title>
<link>https://www.taxtmi.com/acts?id=55327</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55327</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must maintain the integrity of automatic data-processing systems and protect records against loss, destruction or tampering. Sufficient backup records must be available at a different location at all times to ensure preservation and recoverability where records are lost or destroyed.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>A recognised depository shall have adequate mechanisms for the purposes of reviewing...</title>
<link>https://www.taxtmi.com/acts?id=55326</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55326</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must maintain adequate mechanisms for reviewing, monitoring and evaluating their controls, systems, procedures and safeguards. The general operational requirement covers each internal control element and requires mechanisms capable of performing review, monitoring and evaluation functions.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Systems and Procedures</title>
<link>https://www.taxtmi.com/acts?id=55325</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55325</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depositories must maintain systems and procedures that enable coordination with issuers or their agents and participants for daily reconciliation of securities ownership records. The requirement is directed at ensuring accurate and current ownership records within the depository framework.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Agreement between depository and issuer</title>
<link>https://www.taxtmi.com/acts?id=55324</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55324</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Dematerialisation of securities requires an issuer to enter into an agreement with a recognised depository when the issuer or an investor exercises the option to hold securities in dematerialised form. No agreement is required where the depository is itself the issuer or where government securities are issued by the Central Government of India or a State Government. Where a Registrar to the Issue or Share Transfer Agent is appointed, the depository, issuer and registrar or agent must execute a tripartite agreement for securities declared eligible for dematerialised holding.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Agreement between depository and participant</title>
<link>https://www.taxtmi.com/acts?id=55323</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55323</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 45 requires a recognised depository to enter into an agreement with one or more participants acting as its agents. The arrangement establishes the required agency relationship between the depository and its participant or participants.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Securities eligible for dematerialisation</title>
<link>https://www.taxtmi.com/acts?id=55322</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55322</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Securities defined under the SCRA and other eligible instruments under the IFSCA Act may be held in dematerialised form in a recognised depository.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Right of Clearing Corporation</title>
<link>https://www.taxtmi.com/acts?id=55321</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55321</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Priority of clearing corporation recovery applies to dues arising from clearing members' clearing and settlement functions. A recognised clearing corporation may recover these dues from the clearing members' collateral, deposits and assets, with priority over every other liability of or claim against the clearing members.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Obligation of Clearing Corporation in Commodity Derivatives</title>
<link>https://www.taxtmi.com/acts?id=55320</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55320</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised clearing corporations handling physically settled commodity derivatives must ensure a financial guarantee for trade settlement, including good delivery. Good delivery requires goods to be capable of transferring title and to conform to the quality and quantity specifications of the relevant exchange contract.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Settlement and netting</title>
<link>https://www.taxtmi.com/acts?id=55319</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55319</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Payment and settlement must follow netting or gross procedures contained in approved bye-laws of recognised stock exchanges and recognised clearing corporations. Such settlements are final, irrevocable and binding once the payable money, securities or other transaction obligations are determined, even without actual payment or delivery. Following finality, rights to appropriate contributed collateral, deposits and margins for settlement or other obligations take priority over other liabilities or claims against trading members, clearing members or clients.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Maintenance of books of accounts and records</title>
<link>https://www.taxtmi.com/acts?id=55317</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55317</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised stock exchanges must preserve prescribed books, account documents, and further specified records in electronic retrieval form for at least twenty years. Recognised clearing corporations are subject to the same retention format and period for governance minutes, clearing member and settlement account details, transaction and deposit records, margin information, accounting books, bank statements, and further specified records.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Equal, fair and transparent access</title>
<link>https://www.taxtmi.com/acts?id=55316</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55316</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Equal, fair and transparent access to clearing and settlement services requires recognised clearing corporations to maintain and publish a non-discriminatory access framework. The framework must state the basis for shareholder stock exchange access and the requirements non-shareholder stock exchanges must satisfy to obtain access. Recognised stock exchanges and clearing corporations must provide equal, unrestricted and transparent access to all persons without favouring associates or related entities.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Utilization of profits and investments</title>
<link>https://www.taxtmi.com/acts?id=55315</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55315</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Utilization of profits and investments by a recognised stock exchange or recognised clearing corporation must comply with norms specified by the Authority. Deployment of funds generally requires prior approval. Treasury investments are exempt where they comply with a governing-board-approved investment policy. Activities involving fund deployment or otherwise unrelated or not incidental to market infrastructure functions may be undertaken through a separate legal entity, subject to the Authority's approval.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Business Continuity Plan and Disaster Recovery</title>
<link>https://www.taxtmi.com/acts?id=55314</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55314</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised stock exchanges and recognised clearing corporations must maintain a Business Continuity Plan and a Disaster Recovery Site. The arrangements must preserve data and transaction integrity in the manner specified by the Authority from time to time.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Co-Location by stock exchange</title>
<link>https://www.taxtmi.com/acts?id=55313</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55313</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised stock exchanges providing co-location facilities must supervise and monitor them to maintain the integrity, security and privacy of data and trading systems. They must ensure equal and fair access for participants and publish quarterly reports on exchange-observed latencies on their websites.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Halting Trading by stock exchange</title>
<link>https://www.taxtmi.com/acts?id=55312</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55312</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[A recognised stock exchange must maintain a procedure to halt trading in the market or an individual scrip in response to volatility or before major company-specific announcements. The trading-halt mechanism is intended to promote fair and orderly trading.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Risk Management</title>
<link>https://www.taxtmi.com/acts?id=55311</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55311</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised stock exchanges must establish detailed product-specific position-limit frameworks. Recognised clearing corporations must maintain risk management frameworks aligned with the CPMI-IOSCO Principles for Financial Market Infrastructures, adopt globally consistent margining practices, maintain sufficient capital for key risks, and conduct stress and liquidity testing. Eligible collateral includes cash, specified securities and gold, while cash and cash equivalents must constitute at least 50% of total liquid assets. Clearing corporations must also be ring-fenced from holding companies and maintain additional capital for orderly recovery or wind-down.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Acceptance of gifts</title>
<link>https://www.taxtmi.com/acts?id=55227</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55227</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Gift acceptance restrictions prohibit employees from soliciting or accepting gifts from persons with likely official dealings or subordinate employees, while permitting only trivial customary items. Gifts include pecuniary advantages and specified services, but exclude casual social hospitality; lavish or frequent hospitality from persons with official dealings must be avoided. Customary gifts from near relatives or personal friends without official dealings may be accepted subject to reporting requirements, while gifts above the prescribed threshold require Authority sanction. Giving, taking, abetting or demanding dowry is prohibited.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Trading Hours and Settlement</title>
<link>https://www.taxtmi.com/acts?id=55310</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55310</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Trading hours for all product categories on recognised stock exchanges are determined on the basis of cost-benefit analysis, subject to a daily maximum of 23 hours and 30 minutes. Settlement must occur at least twice daily. Recognised stock exchanges and recognised clearing corporations must ensure that their risk-management systems and infrastructure remain commensurate with trading hours at all times.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Settlement Guarantee Fund</title>
<link>https://www.taxtmi.com/acts?id=55309</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55309</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised clearing corporations must establish and maintain a Settlement Guarantee Fund to guarantee settlement of stock-exchange trades. Its corpus must be at least the higher of the minimum corpus determined through monthly stress-test values or USD 1 million. The fund must be used to complete settlement when a recognised clearing member defaults, remain adequate for resulting obligations, undergo periodic stress testing, and operate under a detailed framework approved by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Investor Education and Protection Fund</title>
<link>https://www.taxtmi.com/acts?id=55308</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55308</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[A recognised stock exchange must establish an Investor Education and Protection Fund in accordance with requirements specified by the Authority. This forms part of the general obligations applicable to recognised stock exchanges under the Market Infrastructure Institutions regulatory framework.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Admission of securities</title>
<link>https://www.taxtmi.com/acts?id=55307</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55307</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Admission of securities requires a recognised stock exchange or recognised clearing corporation to obtain the Authority's prior approval before introducing or offering settlement services for any new category of securities.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Clearing and settlement of trades</title>
<link>https://www.taxtmi.com/acts?id=55306</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55306</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[A recognised stock exchange must use a recognised clearing corporation for clearing and settlement of its trades under an agreement between them. It must also extend its arbitration mechanism to resolve disputes or claims arising from the clearing and settlement of trades executed on the exchange.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Segregation of regulatory departments</title>
<link>https://www.taxtmi.com/acts?id=55305</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55305</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must adopt an appropriate policy to segregate regulatory departments from other departments. This governance requirement maintains a distinct regulatory function within the institution.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Committees</title>
<link>https://www.taxtmi.com/acts?id=55304</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55304</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Every recognised market infrastructure institution must constitute committees in accordance with requirements specified by the Authority from time to time. The committee framework remains subject to the Authority's continuing specifications.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Code of Conduct for directors and key management personnel</title>
<link>https://www.taxtmi.com/acts?id=55303</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55303</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Directors and key management personnel of recognised market infrastructure institutions must comply with the Authority-specified Code of Ethics and Code of Conduct. For non-compliance with applicable regulations or codes, or for a conflict of interest, the Authority may act on an institutional reference or on its own motion. After providing a reasonable opportunity of being heard, it may take appropriate action, including removal or termination of appointment.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Governance norms</title>
<link>https://www.taxtmi.com/acts?id=55302</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55302</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must follow prescribed governance principles and maintain boards comprising shareholder directors, public interest directors and a managing director. A public interest director must chair the board, and public interest directors must not be fewer than shareholder directors. Director appointments require prior approval, while specified members, participants, associates and agents are restricted from relevant boards. Boards must document their roles, procedures and conflict-management arrangements, and regularly review institutional and individual director performance.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Employee not to be absent from duty without permission or be late in attendance</title>
<link>https://www.taxtmi.com/acts?id=55225</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55225</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Unauthorised absence or overstay of leave disentitles an employee to pay and allowances for the relevant period and may attract disciplinary measures, unless circumstances beyond the employee's control are satisfactorily explained. Habitual late attendance may result in forfeiture of one day's casual leave for every three days of lateness in a month, with the forfeited period treated as ordinary or extraordinary leave where no casual leave is due.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Fit and proper requirements</title>
<link>https://www.taxtmi.com/acts?id=55301</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55301</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must continuously ensure that directors, key management personnel and shareholders are fit and proper persons. Listed institutions share responsibility with acquirers for shareholders holding five per cent or more, while acquirers alone bear responsibility for lower shareholdings. Fitness requires integrity, financial integrity, good character and honesty, and excludes persons affected by specified criminal convictions, regulatory recovery proceedings, insolvency, financial unsoundness, wilful default, fugitive economic offender status, or relevant regulatory restraints and orders.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Listing of MIIs</title>
<link>https://www.taxtmi.com/acts?id=55300</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55300</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Listing of securities by a recognised market infrastructure institution requires prior approval of the Authority. After obtaining approval, the institution may apply to any stock exchange for listing. Regulatory approval is therefore a precondition to initiating a listing application, while listing may be sought on any stock exchange once that condition is satisfied.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Disclosure of shareholding</title>
<link>https://www.taxtmi.com/acts?id=55299</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55299</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must submit their shareholding pattern to the Authority quarterly within fifteen days after each quarter ends. Disclosures must identify the ten largest shareholders, with their number and percentage of shares, and name shareholders who acquired shares during the relevant quarter. This establishes periodic transparency over significant ownership and new share acquisitions.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Monitoring of Shareholding</title>
<link>https://www.taxtmi.com/acts?id=55298</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55298</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must maintain an adequate shareholding monitoring mechanism for continuous compliance with applicable shareholding conditions. Monitoring must operate at all times and requires ongoing oversight of shareholding arrangements rather than periodic or reactive verification alone.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Any person who acquires equity shares or voting rights, in a recognised market infrastructure institution...</title>
<link>https://www.taxtmi.com/acts?id=55297</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55297</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Acquisition of equity shares or voting rights representing ten per cent or more of the paid-up equity share capital of a recognised market infrastructure institution requires prior approval. The acquirer must not have a conflict of interest. The institution must verify fit-and-proper declarations and undertakings, then forward the application with its recommendation for approval.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>The shareholding in a recognised depository...</title>
<link>https://www.taxtmi.com/acts?id=55296</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55296</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised depository shareholding must be held by a recognised domestic or foreign depository with at least twenty-six per cent of paid-up equity share capital, or by a consortium of market infrastructure institutions holding at least fifty-one per cent. Within a consortium, eligible stock exchanges must hold at least fifty-one per cent. Other persons may not directly or indirectly acquire or hold more than twenty-five per cent, individually or with persons acting in concert.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>The shareholding in a recognised clearing corporation...</title>
<link>https://www.taxtmi.com/acts?id=55295</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55295</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Shareholding in a recognised clearing corporation must be anchored by eligible market infrastructure institutions. A recognised stock exchange or clearing corporation must hold at least twenty-six per cent of paid-up equity capital, or an eligible consortium must hold at least fifty-one per cent, with recognised stock exchanges holding a majority within the consortium. Other persons may not directly or indirectly, alone or with persons acting in concert, acquire or hold more than twenty-five per cent of paid-up equity capital.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Shareholding Requirements</title>
<link>https://www.taxtmi.com/acts?id=55294</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55294</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 16 requires a recognised stock exchange to have prescribed ownership by a recognised stock exchange or a consortium of eligible market infrastructure institutions. A consortium must hold at least 51% of paid-up equity share capital, with recognised stock exchanges collectively holding at least 51% within the consortium. Other persons, individually or acting in concert, cannot directly or indirectly acquire or hold more than 25% of paid-up equity share capital.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>A recognised market infrastructure institution shall submit an audited net worth certificate...</title>
<link>https://www.taxtmi.com/acts?id=55293</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55293</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must annually submit to the Authority a statutory auditor's certificate verifying their net worth for the preceding financial year. The audited net worth certificate is due by 30 September each year.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Net Worth Requirements</title>
<link>https://www.taxtmi.com/acts?id=55292</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55292</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must maintain a minimum net worth of USD 3 million at all times. The Authority may prescribe a higher net-worth requirement as a risk-management measure, having regard to the nature and scale of the institution's business.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Renewal of recognition</title>
<link>https://www.taxtmi.com/acts?id=55290</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55290</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Renewal of recognition for a market infrastructure institution is subject to the same applicable regulatory provisions governing the grant of recognition. An application for renewal must satisfy the relevant recognition requirements under the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Regulatory Fee</title>
<link>https://www.taxtmi.com/acts?id=55289</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55289</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognised market infrastructure institutions must pay the regulatory fee specified by the Authority from time to time under the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>The period of recognition granted to a market infrastructure institution...</title>
<link>https://www.taxtmi.com/acts?id=55288</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55288</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition of a market infrastructure institution may be granted permanently or for a period specified by the Authority, which must be at least one year.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Grant of recognition</title>
<link>https://www.taxtmi.com/acts?id=55287</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55287</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition as a stock exchange, clearing corporation or depository may be granted after the Authority considers the application and is satisfied that the applicant meets the prescribed conditions and eligibility requirements. The Authority may attach appropriate conditions to recognition. A recognised market infrastructure institution must also comply with additional conditions imposed from time to time.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Requirements for grant of recognition</title>
<link>https://www.taxtmi.com/acts?id=55286</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55286</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition applicants must be companies limited by shares, demutualised, fit and proper, and compliant with ownership, governance, net-worth, capability and infrastructure requirements. Stock exchanges require electronic trading, real-time surveillance, member regulation, investor grievance and arbitration mechanisms, information dissemination, and business-continuity systems. Clearing corporations require timely settlement infrastructure, risk management, settlement guarantees, connectivity, real-time controls and dispute-resolution arrangements. Depositories must maintain secure communications and data systems, controlled access, operational procedures, offsite backups and insurance-backed indemnification for beneficial-owner losses.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>An application for recognition as a depository in an IFSC...</title>
<link>https://www.taxtmi.com/acts?id=55285</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55285</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition of a depository in an IFSC requires the application to include a copy of the depository's draft bye-laws as part of the recognition process.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>An application for recognition as a market infrastructure institution...</title>
<link>https://www.taxtmi.com/acts?id=55283</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55283</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition of a market infrastructure institution in an IFSC requires an application to the Authority in the prescribed form and manner, accompanied by the fee prescribed by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>A person seeking recognition as a market infrastructure institution...</title>
<link>https://www.taxtmi.com/acts?id=55282</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55282</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition as a market infrastructure institution in an IFSC requires the applicant to be a company incorporated in the IFSC and to comply with prescribed shareholding requirements.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Application for seeking recognition</title>
<link>https://www.taxtmi.com/acts?id=55281</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55281</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Recognition is mandatory for any person seeking to conduct, organise, or assist in organising a stock exchange, clearing corporation, or depository in an IFSC. Such activities may be undertaken only after obtaining recognition from the Authority in accordance with the applicable regulations.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Overstayed after joining time</title>
<link>https://www.taxtmi.com/acts?id=55211</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55211</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[An employee who fails to join the post within the permitted joining time is deemed to have breached Regulation 60 under the International Financial Services Centres Authority (Employees' Service) Regulations, 2020.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Encashment of Ordinary Leave</title>
<link>https://www.taxtmi.com/acts?id=55202</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55202</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Ordinary leave encashment may be permitted once in each calendar year for 10 to 20 days where the employee holds at least 180 days of ordinary leave credit. The policy may be modified to encourage minimum leave utilisation. On death or complete and permanent incapacity, cash equivalent of unavailed earned leave may be granted to the employee or legal heirs. On resignation after proper notice, half of the ordinary leave credit may be encashed, subject to a maximum of five months' ordinary leave.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Power to Specify Procedures and Issue Clarifications</title>
<link>https://www.taxtmi.com/acts?id=55276</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55276</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 10 authorises the Authority to issue circulars or guidelines prescribing norms, procedures, processes, modes and permissible relaxations for implementing the Finance Company Regulations, addressing incidental matters, and facilitating or regulating permitted financial services. Applicant entities, Finance Companies and Finance Units must pay fees and charges as specified by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Reporting Requirements</title>
<link>https://www.taxtmi.com/acts?id=55275</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55275</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Every Finance Company and Finance Unit must furnish operational information to the Authority in the manner, at intervals, and in the form specified by the Authority. Financial reporting submitted to the Authority must be in US Dollar unless otherwise specified by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Corporate Governance and Disclosure Requirements</title>
<link>https://www.taxtmi.com/acts?id=55274</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55274</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Every Finance Company and Finance Unit must comply with Authority-specified corporate governance and disclosure guidelines. Mergers, acquisitions, takeovers, or management changes affecting control of a Finance Company require prior approval where they alter control of share capital or business decisions under an agreement. Parent-level changes concerning a Finance Unit require registration compliance and intimation to the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Know Your Customer and Anti-Money Laundering</title>
<link>https://www.taxtmi.com/acts?id=55273</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55273</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Every Finance Company and Finance Unit must comply with Know Your Customer norms, measures to combat financing of terrorism, anti-money laundering obligations, and reporting requirements applicable to a Banking Unit in IFSCs.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Currency of Operations</title>
<link>https://www.taxtmi.com/acts?id=55272</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55272</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Currency of operations for a Finance Company or Finance Unit must be conducted in freely convertible foreign currency with persons permitted by the Authority. Permitted INR-denominated transactions must be settled in freely convertible foreign currency. An INR account may be maintained from such foreign currency for administrative, statutory and other authorised purposes. Balance sheets must be maintained exclusively in United States Dollars, and a Finance Unit must keep its transaction accounts separate from those of its parent.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Applicable prudential regulations</title>
<link>https://www.taxtmi.com/acts?id=55270</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55270</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Finance Companies and Finance Units must comply with prudential requirements specified by the Authority, including a minimum capital ratio of regulatory capital to risk-weighted assets. They must maintain a liquidity coverage ratio on a stand-alone basis, subject to approved parent-entity maintenance for a Finance Unit. Aggregate exposure to a single counterparty or connected counterparties is limited to twenty-five per cent of the available eligible capital base without approval. Operational guidelines govern implementation.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Special Casual Leave</title>
<link>https://www.taxtmi.com/acts?id=55199</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55199</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Special casual leave may be granted for quarantine-related absence, duty-related injury supported by medical certification, attendance at specified camps or training, exceptional circumstances, and family-planning operations. Except for exceptional-circumstances leave, combined casual and special casual leave is subject to an annual overall limit, while intervening public holidays are excluded from computation. Differently abled employees may receive limited leave for disability-related programmes and specific disability requirements, subject to work exigencies, approval and applicable conditions.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Grant of increment on promotion grade</title>
<link>https://www.taxtmi.com/acts?id=55188</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55188</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Promotion-grade increment entitlement preserves the pre-promotional increment date where promotion occurs before the employee reaches the maximum of that grade's incremental scale. After the maximum is reached, the next promotional-grade increment is due one year after promotion. However, where a post-scale benefit, including personal allowance or stagnation increment, would accrue in the pre-promotional grade within one year of actual promotion, the promotional-grade increment is due on the date of that accrual.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Increments</title>
<link>https://www.taxtmi.com/acts?id=55186</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55186</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Increments accrue annually in an incremental scale for probationary, officiating and substantive service and are admissible from the first day of the accrual month. Higher-grade officiating service counts for increments in the substantive, officiating and applicable intermediate grades, while leave without pay is excluded unless authorised in writing. Increment withholding is confined to disciplinary action and must specify its duration and effect on future increments. Efficiency-bar advancement requires fitness certification, and stagnation increments may be granted at the final pay-scale stage.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Superannuation and Retirement</title>
<link>https://www.taxtmi.com/acts?id=55175</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55175</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Superannuation requires retirement at 60 years of age, while compulsory retirement may occur after 55 years of age or 30 years of total service on written notice. Voluntary retirement is available after 50 years of age or 20 years of service, subject to appointment terms and notice requirements. Retiring employees may avail or encash unavailed ordinary leave up to the prescribed limit, and compensation may be considered in specified compulsory or voluntary retirement cases. Undertakings or bonds may secure liquidated damages for training-related or service-completion obligations.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Probation</title>
<link>https://www.taxtmi.com/acts?id=55172</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55172</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Probation is two years for direct appointees and one year for promoted employees. The Chairperson may extend probation for unsatisfactory performance, or reduce or waive it for recorded reasons. Confirmation after successful probation is subject to the Departmental Promotion Committee procedure. Probationers may be discharged without assigned reasons on prescribed notice or pay in lieu. Internal employees on probation may be reverted to their previous grade without notice or payment in lieu for unsatisfactory performance.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Definitions</title>
<link>https://www.taxtmi.com/acts?id=55166</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55166</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Employee service definitions allocate decision-making powers, distinguish deputation, absorption and external assignment, and determine what periods count as duty and service. Deputation places remuneration responsibility on the borrowing organisation, while external assignment retains it with the Authority. Pay includes sanctioned post pay, special pay, personal pay and classified amounts; special pay, special allowance and personal pay address additional responsibility, arduous duties and specified pay protection. Family, dependent, leave pay and compensatory allowance are also defined, with undefined expressions adopting meanings under the governing statute and related regulations.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Applicability</title>
<link>https://www.taxtmi.com/acts?id=55165</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55165</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[The Employees' Service Regulations apply to every whole-time employee appointed by the Authority under section 11(1) of the IFSCA Act, 2019. Temporary employees and contract employees are outside their ordinary scope, unless the Regulations provide otherwise or the Authority specifically or generally extends their application.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Short Title and Commencement</title>
<link>https://www.taxtmi.com/acts?id=55164</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55164</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[International Financial Services Centres Authority (Employees' Service) Regulations, 2020 establish the service framework for employees of the International Financial Services Centres Authority. Made under the International Financial Services Centres Authority Act, 2019, they prescribe employees' terms and conditions of service and take effect upon publication in the Official Gazette.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Temporary / Contract employees</title>
<link>https://www.taxtmi.com/acts?id=55266</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55266</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Temporary and contractual appointments may be made by the competent authority to meet work exigencies on suitable terms. Temporary employees' conditions cannot be more favourable than those applicable to appointments of equivalent status or responsibility. Grade B and above employees may be taken on deputation for a specified period where work exigencies exist or suitable internal candidates are unavailable, with possible permanent absorption on conditions specified by the competent authority. Executive Director appointments by deputation or contract require Authority approval before an offer is issued.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>IFSCA New Pension Scheme (NPS)</title>
<link>https://www.taxtmi.com/acts?id=55265</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55265</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[IFSCA employees must subscribe to the New Pension Scheme, with compulsory employee contributions and corresponding IFSCA contributions. Employees may choose their Pension Fund Manager and investment option, while additional voluntary contributions do not increase IFSCA's contribution. Group Mediclaim Floater coverage, funded by IFSCA, extends to eligible staff and dependent family members subject to grade-based cover, dependency conditions, declarations, and renewal procedures. Delayed submission or non-refund of medical advances attracts interest, and claims without advances must be submitted within the prescribed period after discharge.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Declarations to be signed by the employee</title>
<link>https://www.taxtmi.com/acts?id=55263</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55263</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Every employee covered by the International Financial Services Centres Authority (Employees' Service) Regulations, 2020, including an employee opting to come under them, must subscribe to declarations in forms prescribed by the Authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Obligation to subscribe to the insurance scheme or fund instituted by the Authority</title>
<link>https://www.taxtmi.com/acts?id=55262</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55262</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Mandatory subscription to an insurance scheme or fund instituted by the Authority applies to every employee governed by the Employees' Service Regulations, subject to the rules of that scheme or fund. Such subscription cannot curtail superannuation benefits otherwise admissible to an employee. Employees exempted under the applicable scheme or fund rules are not required to subscribe.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Subscription to the IFSCA New Pension Scheme</title>
<link>https://www.taxtmi.com/acts?id=55261</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55261</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Subscription to the IFSCA New Pension Scheme requires employees to become members and comply with the Scheme Rules, unless otherwise specified. Whole-time employees joining from a specified date must exclusively join the Scheme. Whole-time employees absorbed on deputation who were CPF or GPF members before a specified date may elect, in the prescribed manner, to continue under CPF/GPF or join the IFSCA New Pension Scheme.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Gratuity</title>
<link>https://www.taxtmi.com/acts?id=55260</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55260</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 93 provides gratuity on retirement, death, certified disablement, resignation after five years of continuous service, and non-punitive termination after five years. Employees with less than ten years of continuous service receive gratuity under the Payment of Gratuity Act, 1972. Those completing at least ten years receive gratuity under rules prescribed by the Authority, but not below the statutory amount. The Authority may create a gratuity trust.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Deputation and External Assignment</title>
<link>https://www.taxtmi.com/acts?id=55259</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55259</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Deputation and external assignment of an Authority employee to another employer require the Authority's approval and remain subject to terms and conditions specified by it. An employee cannot be sent on deputation or external assignment against that employee's will.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Deputation of employees to join military service</title>
<link>https://www.taxtmi.com/acts?id=55258</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55258</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Deputation of employees to military service may be undertaken on terms and conditions determined by the Authority. The Authority prescribes the applicable conditions for employees deputed for such service.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Travelling and halting allowances</title>
<link>https://www.taxtmi.com/acts?id=55257</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55257</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Travelling and halting allowances for employees are payable at rates and subject to terms and conditions approved by the Authority from time to time. The allowance framework is governed by periodically approved rates and conditions.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Common Proceedings</title>
<link>https://www.taxtmi.com/acts?id=55251</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55251</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Common disciplinary proceedings may be directed by the Competent Authority where a case concerns two or more employees. The disciplinary proceedings against all such employees may then be conducted jointly through common proceedings.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Not to misuse residential accommodation or other facilities</title>
<link>https://www.taxtmi.com/acts?id=55244</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55244</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Regulation 78 prohibits employees from misusing Authority-granted residential accommodation, facilities or concessions. Employees may not sub-let, lease, or allow another person to occupy allotted residential accommodation without the Authority's express permission. Following determination or cancellation of an allotment, the employee must vacate within the period specified by the allotting authority.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Criticism of Authority or Government</title>
<link>https://www.taxtmi.com/acts?id=55243</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55243</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Employees must not make statements of fact or opinion that adversely criticise a current or recent policy or action of the Authority or Government. The restriction covers broadcasts, electronic media, publications made under any name or anonymously, press communications, and public utterances. It does not apply to statements or views made in an official capacity or while performing assigned duties.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Not to address appeals, representations, petitions to outside authority or person</title>
<link>https://www.taxtmi.com/acts?id=55242</link>
<guid isPermaLink="true">https://www.taxtmi.com/acts?id=55242</guid>
<pubDate>Wed, 16 Sep 2026 15:54:28 +0530</pubDate>
<description><![CDATA[Employee disciplinary rules prohibit an employee from addressing an appeal, representation or petition to any outside authority or person concerning a matter relating to the employee's service in the Authority. Such conduct constitutes a breach of discipline.]]></description>
<category>TaxLaws</category>
<category>Act-Rules</category>
<category>TaxTMI</category>
        </item>
<item>
<title>TMI Updates - Newsletter dated: September 16, 2026</title>
<link>https://www.taxtmi.com/newsletter?id=09/16/2026</link>
<guid isPermaLink="true">https://www.taxtmi.com/newsletter?id=09/16/2026</guid>
<description><![CDATA[Newsletter for tax updates and legal information]]></description>
<category>Daily Updates</category>
<category>Tax</category>
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