HON'BLE  MR. S.N. VARIAVA AND HON'BLE MR. H.K. SEMA, JJ. ORDER We have gone through the review petition and the connected papers. We do not find any merit in the same. The review petition is dismissed. =============... ... ...

HON'BLE MR. S.N. VARIAVA AND HON'BLE MR. H.K. SEMA, JJ. ORDER We see no reason to interfere. The Civil Appeal is dismissed. =============... ... ...

Customs clearance operates on a 24x7 basis through import facilitation centres, export parking plazas, extended Assessment Group working and continuous preventive staffing at port-terminal gates, container freight stations and the boarding office. Assessment, examination, Out of Charge and laboratory operations may be extended to address congestion, delays or operational surges, with implementation treated as a Standing Order for officers.

Each Pension Fund must maintain a formal risk management framework integrated with Scheme governance. It must identify, assess, mitigate, monitor and report risks throughout the investment lifecycle, with oversight by the Compliance Officer and reporting to senior management or the Board. Controls must address market, credit, liquidity, operational and compliance risks through diversification, hedging, liquidity buffers, internal controls, audits and legal compliance reviews. Regular stress testing and scenario analysis must assess resilience under adverse conditions and support corrective measures, including portfolio rebalancing, additional hedging, increased liquidity and contingency planning.

THIRD SCHEDULE PART - A PERMISSIBLE INVESTMENTS AND LIMITS [see regulation 19(2)] All exposures shall be calculated based on the total value of the portfolio. I. Fixed income instruments 1. Government bonds: 100% of the portfolio may be allocated in sovereign debt, such as Government of India bonds, and highly rated public sector bonds. 2. Corporate bonds: A maximum of 40% may be allocated to corporate bonds, of which at least 70% shall be invested in securities ... ... ...

HON'BLE MR. R.M. SAHAI AND HON'BLE MR. N.P. SINGH, JJ. ORDER We have heard learned counsel for the Collector of Central Excise. We are not inclined to admit this appeal. It is accordingly dismissed. =============... ... ...

SECOND SCHEDULE HEALTHCARE BENEFIT OPTION [see regulation 17(2)] Compliance requirements for offering healthcare benefit option - 1) Sub-account: The Pension Fund must maintain a separate "Healthcare Sub- Account" for the Subscribers who opt for this benefit, and contributions to this subaccount shall be kept distinct from the main pension contributions. 2) Regulatory Approval: A Pension Fund intending to offer this option shall obtain prior approval from the International Financi... ... ...

Fit and proper eligibility requires fairness and integrity, including financial integrity, good reputation, character, and honesty. Disqualifications include convictions or pending proceedings for specified offences, regulatory recovery or malfeasance orders, undischarged insolvency, financial-market restraints, material recent regulatory orders, unsoundness of mind, financial unsoundness, wilful default, fugitive economic offender status, and other disqualifications specified by the Authority.

Regulation 49 gives overriding effect to the International Financial Services Centres Authority (Pension Fund) Regulations, 2026 from commencement. Pension Fund Regulatory and Development Authority regulations do not apply to Authority-approved pension schemes insofar as they conflict with these regulations. Their application is preserved where no inconsistency exists.

Delegation of powers permits every power exercisable by the Authority under the Pension Fund Regulations to be exercised also by an officer when that power has been delegated to the officer. Exercise by an officer is contingent on delegation by the Authority and extends only to the delegated powers. The provision establishes an internal mechanism for authorised officers to exercise delegated regulatory powers.

Pension Funds must maintain a robust cyber security and cyber resilience framework conforming to requirements specified by the Authority from time to time. Compliance is responsive to evolving regulatory standards and links the adequacy of cyber security and resilience arrangements to prescribed requirements.

The Authority may issue directions, clarifications, guidance notes, or subsidiary instructions to address difficulties in the interpretation or application of the Pension Fund Regulations and support their consistent implementation.

Regulation 45 empowers the Authority to issue subsidiary instructions from time to time specifying norms, procedures, processes and additional requirements for implementing the Pension Fund Regulations and addressing matters incidental to their operation. This delegated procedural power permits supplementary directions concerning implementation and incidental matters, allowing the regulatory framework to be operationalised through specified norms, processes and requirements where needed.

The Authority may require information, documents or records from a Pension Fund, Trustee, Custodian, or any other person associated with the pension ecosystem in the International Financial Services Centre. This serves as a regulatory information-gathering mechanism for pension fund oversight.

The Authority may relax strict enforcement of regulatory provisions where this supports development of the pension ecosystem in an International Financial Services Centre, with reasons recorded in writing. Applicants must provide the details and grounds for relaxation and pay the specified non-refundable fee. Complete applications must be processed within sixty days of receipt or receipt of requested clarifications. Acceptance or refusal must be supported by written reasons.

Action may be initiated where a Pension Fund, Custodian, or person associated with pension-related activities in an International Financial Services Centre contravenes applicable regulatory requirements or subsidiary instructions. Before action is taken, the affected Pension Fund, Custodian, or other associated person must receive a reasonable opportunity to be heard through written submissions.

Inspection and investigation powers permit the Authority, on its own initiative or on information or complaint, to inspect records, documents, infrastructure, procedures and systems of pension funds, custodians, trustees, and other pension-ecosystem participants. The powers support compliance, subscriber protection, and other purposes considered appropriate, and include authority to conduct investigations.

Each Scheme's assets and liabilities must be valued daily at market prices using methodologies fully disclosed and documented by the Pension Fund. Net Asset Value per unit must be calculated and declared daily by deducting total liabilities from total asset value and dividing the balance by outstanding units. Valuation functions may be carried out by a valuer registered with the Insolvency and Bankruptcy Board of India or the Authority, or another person specified by the Authority.

Pension Funds must obtain prior approval before levying fees or charges on Subscribers. Charges may include account-opening charges, annual maintenance charges, investment-management fees calculated as a percentage of assets under management, and transaction charges. Complete details of all proposed fees and charges must be disclosed to Subscribers through the Scheme Information Document and other relevant documents.

Pension Funds must pay annual fees, Scheme Information Document filing fees, and any further fees specified by the Authority from time to time. The fee obligation covers identified annual and filing charges as well as additional Authority-specified charges.