Grant of Certificate of Registration as a Fund Management Entity may be made by the Authority after receiving all required information and being satisfied that the applicant qualifies under the appropriate category. Grant is subject to payment of the applicable registration fee.

Furnishing of information for Fund Management Entity registration permits the Authority to seek further information or clarifications about the applicant, the fund, proposed fund management activities, or related matters when considering a registration application. The applicant may be required to appear for personal representation, and the Authority may inspect the applicant's office before granting a certificate of registration.

Infrastructure requirements for registration of a Fund Management Entity require adequate office space, equipment, communication facilities and manpower to effectively conduct activities in an IFSC. These facilities must be commensurate with the scale of its IFSC operations. The office must be dedicated and secured, and access must be restricted to authorised persons of the Fund Management Entity.

Registration of a Fund Management Entity requires the applicant and its principal officers, management personnel and controlling shareholders to remain fit and proper at all times. The standard requires fairness, integrity, financial integrity, reputation, character and honesty. Disqualifications include convictions or pending proceedings for specified offences, insolvency, wilful default, regulatory recovery action, market-access restrictions, malfeasance-related winding-up, fugitive economic offender status and other specified grounds. Persons declared not fit and proper remain ineligible for registration until they satisfy the prescribed criteria.

Entities seeking registration as Fund Management Entities must continuously maintain the net worth prescribed in the Second Schedule or any amount specified by the Authority. A branch operating in the IFSC may maintain the required minimum net worth at the parent-entity level, subject to the parent ensuring adequate funds for day-to-day branch operations. This minimum net worth is separate from, and additional to, net worth requirements applicable to other activities within or outside the IFSC.

Fund Management Entities must designate an IFSC-based principal officer responsible for overall fund management, risk management and compliance. Registered FMEs require a compliance officer, while Registered FMEs (Retail) must appoint an additional fund-management key managerial person before filing the first retail scheme or ETF offer document. FMEs crossing the prescribed assets-under-management threshold must appoint an additional fund-management key managerial person, subject to specified continuation and government-related investor exceptions. Principal officers and key managerial personnel must meet prescribed qualification and experience standards, and staffing, certification, portfolio proposal, and appointment-change requirements apply.

Fund management entity registration requires a sound track record and a general reputation for fairness and integrity. Retail entities may qualify through prescribed collective asset-management and investor experience of the entity, its holding company or subsidiaries, or through qualifying experience of controlling persons together with prescribed net worth. Alternative criteria may support innovative fintech companies. Non-retail and authorised entities require employees with prescribed relevant experience.

Interest disallowance under Section 36(1)(iii) is not sustainable merely because borrowings exist where sufficient interest-free own funds exceed interest-free advances and no nexus between borrowed funds and the advances is established. Interest-free advances made in an earlier year were treated as funded from the assessee's own funds, particularly as no disallowance arose in that year and there were no short-term borrowings in the relevant years. The claimed interest expenditure therefore remained allowable. Delay in filing the appeals was condoned because the former professional did not communicate the appellate orders, no physical copies were served, and the delay was bona fide.

Registration of a Fund Management Entity in an IFSC requires constitution as a company, LLP, branch, or another Authority-permitted form. A Registered FME (Retail) cannot be an LLP or branch. Branches are limited to FMEs already regulated for similar activities and must be ring-fenced by the parent, supported by continuously earmarked minimum capital. Constitutional documents must authorise fund management. A Registered FME (Retail) requires at least four directors, at least half of whom must be independent and unassociated with the FME.

Fund Management Entity registration requires an applicant seeking a certificate of registration to satisfy the eligibility requirements and conditions prescribed in the relevant chapter. Compliance with those chapter-specific requirements and conditions forms the basis for obtaining registration under the International Financial Services Centres Authority (Fund Management) Regulations, 2025.

Fund management in an IFSC requires prior registration as a Fund Management Entity before operations commence. Applicants must submit the prescribed application, declarations, undertakings, documents and fee; incomplete applications are liable to rejection. Registration is available as an Authorised FME, Registered FME (Non-Retail), or Registered FME (Retail). The categories progressively permit venture capital and family investment fund management, restricted schemes and portfolio management services, private-placement investment trust management, and retail schemes, publicly offered investment trusts and exchange traded funds, subject to category-specific conditions, responsibilities and disclosure obligations.

Fund-management terminology establishes the core legal architecture for fund management entities operating in an IFSC. Investor and scheme classifications distinguish accredited investors, retail schemes, restricted schemes, venture capital schemes, family investment funds, fund of funds schemes, index schemes, sectoral schemes and thematic schemes. Control includes rights to appoint a majority of directors or direct management or policy decisions, including through shareholding, management rights or contractual arrangements. Offer documents govern public invitations for retail schemes, while placement memoranda govern invitations to eligible investors for venture capital schemes, restricted schemes and private placements.

International Financial Services Centres Authority (Fund Management) Regulations, 2025 are made under the Authority's enabling powers relating to fund management and securities regulation. The Regulations take effect from their publication in the Official Gazette.

Fund management in an International Financial Services Centre requires prior registration as a Fund Management Entity under Authorised, Non-Retail, or Retail categories. Applicants must meet legal-form, net-worth, infrastructure, governance, fit-and-proper, and key-personnel requirements. The framework governs venture capital, restricted, retail, special situation, and family investment schemes; ETFs; portfolio management services; and investment trusts. It imposes scheme-specific investor eligibility, investment, leverage, valuation, disclosure, contribution, custody, and governance obligations, supported by fair valuation, asset segregation, conflict-management, AML/CFT, record-keeping, cyber-resilience, risk-management, and investor-protection duties.

Bank employees affiliated with seven unions under the United Forum of Bank Unions undertook a one-day strike to press for implementation of a five-day banking week and resolution of pending employment-related demands. The unions maintained that the proposed workweek was a genuine working-condition measure rather than an attempt to reduce employee responsibilities. They proposed phased escalation, including a further multi-day strike and an indefinite strike, if the government and the Indian Banks' Association did not address the demands.

A direction to consider a representation seeking exemption from Social Welfare Surcharge requires examination of the assessment of Bills of Entry in light of the claimed exemption. It does not mandate that the exemption be granted. The representation must be decided in accordance with law, and consideration was required within six weeks. The clarification confines the operative effect of the direction to lawful consideration of the exemption claim rather than any predetermined entitlement to exemption.

For Part B applicable to NPOs, residual income is computed from total income determined without applying that Part, after deducting regular income and specified income. The resulting balance constitutes residual income for the NPO framework.

Refund functions under section 54 of the Delhi Goods and Services Tax Act, 2017 are assigned to specified proper officers according to pecuniary and territorial jurisdiction. Assistant Commissioners and GSTOs decide claims up to the prescribed lower threshold, while senior proper officers decide claims exceeding it. Online higher-value applications must be placed before the competent senior officer. If refund rejection entails recovery of ineligible input tax credit, the matter must be referred to the jurisdictional proper officer or ward officer.

Goodwill and business or commercial rights acquired when an undertaking is transferred as a going concern through slump sale qualify as depreciable intangible assets under Section 32(1)(ii). Consideration may arise from assuming and discharging liabilities exceeding tangible-asset value, and accounting treatment does not determine tax treatment. The sixth proviso to Section 32(1) does not apply where the goodwill was not a depreciable asset in the transferor's books. Write-offs of transferred receivables, advances and loans require evidence of ordinary-course origin, prior income recognition where relevant, and business-purpose advances; the claim requires fresh factual examination.

Approved resolution plans that result in a change of management or control extinguish a corporate debtor's liability for pre-CIRP offences, preventing continued statutory adjudication and monetary penalties for those defaults. Promoter-directors involved in day-to-day management remain liable for fraudulent financial reporting, an improper buy-back, and a purported acquisition used to settle related-party dues. Non-disposable undertakings, pledges and irrevocable powers restricting dealings in shares constitute encumbrances requiring takeover-law disclosure. Unexplained adjudicatory delay, though not invalidating proceedings, mitigates penalties. Monetary sanctions must be proportionate, supported by material on gain, investor loss, repetitive conduct and existing market-access restrictions.