Fund Management Entities undertaking third-party fund management must maintain a comprehensive internal risk-management framework addressing arrangement-specific risks and conflicts. They must ensure segregation of funds and operational independence of all schemes, extend investor complaint and dispute mechanisms to third-party managed schemes, and conduct periodic internal audits and compliance reviews. Audit and review reports must be submitted to fiduciaries, alongside any further measures specified by the Authority.

Regulation 107I requires a Fund Management Entity managing Restricted Schemes through third-party fund management services to make additional prominent disclosures in the placement memorandum, apart from disclosures under regulation 36. These include the identity of the third party and persons conducting its business, segregated responsibilities of the Fund Management Entity and third party, potential conflicts of interest, and measures to avoid, resolve and mitigate those conflicts. Further disclosures specified by the Authority must also be made.

Third-party fund management services may be provided only to a third-party fund manager incorporated in India, an International Financial Services Centre, or a foreign jurisdiction, with adequate resources and experienced responsible persons. The third-party and its officers, directors, partners, designated partners, key managerial personnel and controlling shareholders must be fit and proper persons. Eligibility is not affected merely because its ultimate or interim parent entity is not engaged in fund management activities.

Third-party fund management arrangements require a Fund Management Entity to manage Restricted Schemes under Part B of Chapter III. Each scheme must remain within a corpus limit of USD 50 million, unless another value is specified by the Authority. The third party is treated as an associate of the Fund Management Entity for compliance with specified associate-related governance and transaction requirements.

Scheme of Amalgamation received the required shareholder and creditor approvals, with meetings dispensed with, and complied with statutory notice and publication requirements. The Official Liquidator found no complaint or prejudice to members, creditors or public interest, while the Central Government raised no objection. Continuity of service for employees of the transferor companies was preserved. The scheme was sanctioned under the Companies Act, 1956, and took effect from the appointed date, dissolving the transferor companies without winding up.

Wholly for charitable or religious purposes, for purposes of Part B relating to non-profit organisations under the Income-tax Act, 2025, includes activities undertaken wholly for charitable purposes, wholly for religious purposes, or wholly for both charitable and religious purposes. The expression encompasses each of these exclusive-purpose categories within the applicable non-profit organisation framework.

Third-party fund management services require a Fund Management Entity seeking authorisation to maintain an additional net worth of USD 500,000 or such other amount as may be specified by the Authority. This amount must be separately maintained, in addition to net worth required for registered fund management, schemes, portfolio management services, other permitted activities without third-party arrangements, and activities conducted within or outside the International Financial Services Centre.

An FME under a third-party fund management arrangement must appoint a dedicated Principal Officer for each scheme, responsible for fund management, risk management and compliance. Non-Retail FMEs may use an existing Compliance Officer for third-party managed schemes, while Retail FMEs must keep Retail Scheme compliance oversight separate from Non-Retail Scheme oversight. Third-party managed scheme assets under management count towards additional KMP requirements, excluding fund of funds schemes.

A Fund Management Entity seeking authorisation for third-party fund management services in an IFSC must be constituted as a company, limited liability partnership, or another form permitted by the Authority. Its constitutional documents must expressly authorise the provision of third-party fund management services.

Third-party fund management services require an FME to obtain authorisation and comply with applicable conditions. The FME must maintain a strengthened compliance function, with resources proportionate to its IFSC operations and adequate scheme-specific compliance oversight. The FME and fiduciaries must ensure compliance, while the FME remains liable for all obligations and liabilities arising from a third-party fund management arrangement despite any contractual or indemnification arrangement with the third party.

Third-party fund management services or arrangements arise where a Registered FME manages schemes on behalf of a third party. A third-party fund manager includes an entity registered or regulated by the relevant financial-sector regulator in its country of incorporation for fund management, portfolio management, investment advisory, or a similar activity, and which avails such services from a Registered FME.

Value means the value of any benefit or facility granted or provided free of cost or at a concessional rate. For specified NPO-related purposes under the Income-tax Act, 2025, the recipient is a related person. Under the Income-tax Act, 1961, the term applies to persons identified under the relevant categories of section 13(3).

Before sanctioning a GST or DVAT refund, the Proper Officer must verify whether insolvency or liquidation proceedings against the registered person are pending or concluded and ascertain their status. Government dues constitute operational debt, requiring departmental claims to be addressed in the insolvency process. Where proceedings exist, refund processing must be undertaken through the concerned Zonal In-charge in consultation with the Law and Judicial Branch. For DVAT refunds sent for ECS processing, the Ward In-charge must certify that no such proceeding is pending or concluded against the dealer.

Section 23 of the Consumer Protection Act, 1986, and corresponding 2019 provisions permit a statutory appeal to the Supreme Court only from National Commission orders made in original jurisdiction, not appellate or revisional jurisdiction. National Commission appellate orders remain subject to High Court writ and supervisory jurisdiction under Articles 226 and 227. Although Article 136 is not limited by statutory finality, special leave jurisdiction is exceptional and ordinarily should not be invoked where an effective High Court remedy exists. The petition was not examined on merits, with liberty to pursue relief before the jurisdictional High Court.

BRICS trade cooperation is marked by reported growth in member-country exports and a near doubling of BRICS nations' share of global exports. Business-forum discussions address non-tariff barriers affecting global value chains, agriculture and agri-technologies, services trade, women-led enterprises and the digital economy.

India's foreign exchange reserves increased by USD 44.903 billion to USD 785.706 billion in the week ended September 4, following an increase in the preceding reporting week. Reserve accumulation resumed after concessional forex swap initiatives announced amid local-currency depreciation. Foreign currency assets rose to USD 648.168 billion, including valuation effects from non-US currencies. Gold reserves and special drawing rights declined, while the reserve position with the International Monetary Fund increased marginally.

For uniformity in Delhi GST administration, the Delhi State Tax Department applies mutatis mutandis Instruction No. 05/2023-GST of Central Tax while implementing the Delhi Goods and Services Tax Act, 2017. The central-tax instruction concerns the Supreme Court judgment in Northern Operating Systems Private United (NOS), and the measure is clarificatory; implementation difficulties may be referred to the Commissioner of State Tax, Delhi.

Regulation 107A, within Part D: Third-Party Fund Management Services, authorises an FME to launch a scheme on behalf of a third party, subject to compliance with Part D. It establishes a regulatory route for third-party scheme launches by an FME, with Part D requirements governing the exercise of that permission.

Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged corruption, question-paper leaks, and manipulation of state Public Service Commission examinations conducted in 2020 and 2021. An additional collector, formerly an officer on special duty in the office of the then chief minister, was arrested in connection with the investigation. Custodial interrogation is proposed to be sought before the special Prevention of Money Laundering Act court.

Under the Madhya Pradesh Excise Act and Country Spirit Rules, a CS-1 licence for manufacture, bottling and wholesale supply of country spirit requires State Government approval and operation within an area determined by the Excise Commissioner. The governing provisions do not prescribe prior participation in a tender process or prior allotment of an operational area as licence conditions. Although no fundamental right exists to trade in liquor, the State's grant of liquor privileges must satisfy Article 14 and cannot be arbitrary. Refusal solely for non-participation in tendering is therefore inconsistent with the statutory scheme and requires reconsideration without those extraneous conditions.