Ward Officers acting as Pairvi Officers must comply with court summons, notices, orders and directions, attend required hearings, and produce records in accordance with due procedure. They must timely prepare litigation documents and evidence, coordinate with government counsel and relevant officials, preserve confidentiality, and maintain updated records of court-related activities. Negligence causing an adverse judicial ruling remains the responsibility of the concerned officer or official, and non-compliance may attract strict action under law.

From commencement, the Securities and Exchange Board of India regulations governing insider trading and fraudulent and unfair trade practices in the securities market cease to apply within the International Financial Services Centre. Actions taken, or purportedly taken, under those regimes before commencement remain preserved and are deemed to have been taken under the corresponding market-abuse provisions.

The Authority may relax strict enforcement of any market-abuse regulatory requirement where this serves development of the financial services market in the International Financial Services Centre, with reasons recorded in writing. An applicant must submit grounds and details of the requested relaxation with the prescribed non-refundable fee. A complete application, including clarification responses, must be processed within sixty days, and reasons must be recorded for acceptance or refusal.

Power to specify implementation norms and issue clarifications enables the Authority to prescribe subsidiary norms, procedures, processes and additional requirements necessary for implementing the prohibition of market abuse framework and incidental matters. It also permits issuance of clarifications where required for operational application of regulatory requirements.

Power to remove difficulties authorises the Authority to issue directions or clarifications through subsidiary instructions where difficulties arise in interpreting or applying provisions governing prohibition of market abuse in securities markets.

The Authority may act against a person it regulates for contravening market-abuse requirements. Without limiting action available under the Act or other regulations, it may issue a warning or censure, or suspend or cancel registration. Such action requires a reasoned written order and must be taken in the interests of investors and the securities market.

Contraventions of the International Financial Services Centres Authority (Prohibition of Market Abuse in Securities Markets) Regulations, 2026 are subject to action by the Authority under the corresponding provisions of the Act.

Listed entities must maintain adequate and effective internal controls and a code of conduct to prevent market abuse. Controls must protect the confidentiality of material non-public information, restrict its procurement and communication, identify employees with access to it, and be periodically reviewed for effectiveness. The Authority may impose additional standards for these controls and codes of conduct.

Regulation 8 prohibits manipulative, fraudulent and unfair securities-market practices, including false trading appearances, artificial price or demand creation, circular transactions, non-genuine orders, misleading information, and fraudulent inducement. It also bars unauthorised client transactions, misuse of client assets, falsification of market records, mis-selling, and manipulation through an entity's assets or financial statements. Dealings in stolen, counterfeit or fraudulently issued securities are prohibited, subject to specified protections. The listed practices are non-exhaustive, and conduct falling within regulation 7 remains prohibited.

Regulation 7 prohibits persons from directly or indirectly engaging in fraudulent, manipulative or deceptive dealings in securities. It covers fraudulent buying, selling or other dealings; manipulative or deceptive devices in securities trading; schemes or artifices to defraud; and conduct operating as fraud or deceit in connection with dealings in or issuance of securities listed or proposed to be listed. The prohibition applies to conduct contravening the applicable securities-law framework.

Designated persons must disclose acquisitions or disposals of specified securities by themselves or immediate relatives within two trading days when the aggregate quarterly traded value exceeds the prescribed threshold. Specified securities include equity instruments, debt securities and derivative instruments, while equity instruments include equity shares, convertible debentures, preference shares and share warrants. Listed entities must notify the recognised stock exchanges and publish qualifying disclosures on their websites within two working days of receipt.

Pending Customs refunds, IGST refunds and duty drawback claims are prioritised for processing and disposal under a Special Refund and Drawback Disposal Drive running from 15 May to 31 May 2021. Exporters, customs brokers and trade or industry associations are requested to assist claimants in furnishing documents required for pending claims. Communications on pending drawback claims are to be made through the designated drawback email channel, and designated personnel serve as contact points for drawback and IGST-related matters.

Trading while in possession of material non-public information is prohibited for insiders, and such trading is presumed to be based on that information unless the insider explains the circumstances. Recognised explanations include informed transactions between equally informed insiders without breach of communication restrictions, statutory or regulatory obligations, compliant stock-option exercises, and pre-disclosed irrevocable trading plans. Non-individual insiders must establish effective separation of information holders from trading decision-makers and safeguards against information sharing.

Communication, access and procurement of material non-public information relating to listed or proposed-to-be-listed entities or securities are prohibited unless undertaken for legitimate purposes, performance of duties or discharge of legal obligations. Legitimate-purpose sharing may occur in the ordinary course of business with specified commercial and professional recipients, provided it does not evade market-abuse prohibitions. Any recipient obtaining such information for legitimate purposes is treated as an insider and must comply with the applicable restrictions.

Market abuse includes insider trading and manipulative, fraudulent and unfair trade practices. An insider is a connected person or a person possessing or having access to material non-public information. Such information is non-generally available information relating to an entity or its securities that is likely to materially affect securities prices upon public dissemination, including financial results, significant transactions, defaults, insolvency matters, forensic audits, regulatory action and material litigation. Fraud covers deceptive conduct intended to induce securities dealings, while good-faith general economic comments are excluded.

The IGCR framework permits job work for eligible concessional-duty imports, including outsourced manufacture, while excluding specified sensitive goods. Importers must provide prior information, execute a continuity bond, intimate imports and receipts, and maintain prescribed accounts. Goods sent for job work require challans and may remain with a job worker only for the permitted period. Imported goods must be used for their intended purpose or re-exported within the prescribed period; otherwise, differential duty and interest apply. Quarterly returns, job-worker records and penalties for contraventions form part of the compliance mechanism.

Section 194A(3)(v) excludes tax deduction at source on interest income paid by one co-operative society to another co-operative society. Interest paid by a district co-operative bank to primary agricultural credit societies on their fixed deposits falls within this exemption, as both payer and recipients are co-operative societies. Such interest payments are therefore not subject to tax deduction at source.

Regularization of IGST refunds claimed contrary to rule 96(10) concerns exporters who imported specified inputs without payment of integrated tax and compensation cess. The Central clarification applies mutatis mutandis under the Delhi GST framework to promote a uniform approach to regularization of the affected refunds.

Lottery winnings received by a resident from Sikkim remain chargeable under the Income-tax Act, 1961 despite deduction labelled as Sikkim income tax. Credit for the deducted amount is unavailable where it was not deducted under the Act and paid to the Central Government. However, taxable lottery income is confined to the net prize actually received: the amount withheld by the lottery authority as Sikkim income tax was not real income received by the taxpayer. The statutory restriction on deductions from lottery winnings does not require taxation of that unrealised gross amount.

Interest paid by a district co-operative bank to a primary agricultural credit society on fixed deposits falls within the exclusion for interest paid by one co-operative society to another under section 194A(3)(v). The payment is therefore outside the tax-deduction obligation that would otherwise apply to interest under section 194A(1), and no tax is required to be deducted at source.