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.

Regulation 2 defines recognised market infrastructure institutions as recognised stock exchanges, clearing corporations and depositories in an International Financial Services Centre. It defines governance participants, including governing boards, key management personnel, public interest directors and shareholder directors. Clearing and settlement concepts include clearing corporations, clearing members, trading members, netting and novation. Associate relationships are determined through control, voting power, corporate relationships, family connections, or circumstances involving control, independence or conflict of interest. Undefined expressions adopt meanings assigned under the applicable securities, depository, company and IFSC legal framework.

International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 are made under the enabling provisions of the International Financial Services Centres Authority Act, 2019, the Securities Contracts (Regulation) Act, 1956, and the Depositories Act, 1996. The framework takes effect on the thirtieth day following publication in the Official Gazette.

Minimum owned fund requirements apply according to the activities undertaken by finance companies. Sole aircraft operating lease transactions and non-core activities require USD 0.2 million or equivalent, subject to any higher amount needed for specific registration. Core activities require USD 3 million or equivalent, while specialised activities require USD 5 million or equivalent. Aircraft operating lease entities are exempt from specified requirements if they maintain a Board-approved prudential policy and meet fit-and-proper criteria. No exemptions are specified for core or specialised activities.

Default in registration conditions by a Finance Company or Finance Unit may result in regulatory action where the entity fails to fulfil conditions attached to registration. After providing an opportunity to make submissions, the Authority may suspend, withdraw, or cancel the registration.

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.

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.

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.

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.

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.

Finance Companies and Finance Units may undertake specified specialised, core, and non-core financial activities, subject to applicable conditions, registration requirements, and approvals. Non-core activities must be conducted through separately identifiable departments, protected by conflict-of-interest firewalls, and supported by a Board-approved grievance-redressal and customer-compensation policy. Dealings with residents remain subject to foreign exchange law. Derivatives undertaken by entities carrying out non-core activities are restricted to hedging underlying exposures, and speculative transactions may not be undertaken or funded.

Income from a liquor business should be estimated at 5% of the assessee's reported sales where those sales represent actual turnover. Applying a 24% gross-profit margin to the cost of goods sold to derive a higher turnover creates only a notional sales figure, absent determination of suppressed sales. Comparable liquor-trade matters support estimation of profit at 5% of goods put to sale. Accordingly, the addition based on enhanced estimated turnover is unsustainable, and income is computed at 5% of reported sales.

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.

Natixis has placed its Portugal and India Expertise Centers under common leadership to strengthen coordination, collaboration, knowledge sharing and consistent working methods across locations. Teams are to work through shared platforms and standards, supporting business continuity across geographies and time zones. The model also promotes talent mobility and international career development while supporting global operational needs and recognising each market's circumstances.

Registration is required before a Finance Company or Finance Unit may commence scheduled activities in an IFSC. Finance Companies must maintain the prescribed minimum owned fund, while a Finance Unit's parent must provide and maintain the applicable fund on an unimpaired basis. Applicants and/or promoters must be from FATF-compliant jurisdictions. Registration may be provisional where further time is justified for specified conditions. Deficiencies must be communicated for rectification, and refusal requires reasons and an opportunity for written submissions.

A Finance Company and Finance Unit may undertake permissible financial activities only if they do not accept public deposits from residents or non-residents and are not registered as Banking Units. Aircraft Lease and Ship Lease include operating, financial, and hybrid leases of the relevant assets, engines, and parts. Public deposit includes demand-repayable and term-deposit amounts raised from residents or non-residents. Owned fund is calculated from specified capital and reserve components after prescribed exclusions and deductions.

International Financial Services Centres Authority (Finance Company) Regulations, 2021 establish a regulatory framework for finance companies in International Financial Services Centres under statutory powers conferred on the International Financial Services Centres Authority. Regulation 1 prescribes the short title and provides that the framework takes effect on publication in the Official Gazette.

Roasted areca nuts, whether whole, split or cut, fall under tariff item 2008 19 20 in Chapter 20 as other roasted nuts and seeds. High-temperature roasting, cooling and repeated roasting cycles are materially different from the drying, dehydration or moderate heat treatment permitted for Chapter 8 products. Heading 2008 and its HSN Explanatory Notes specifically include dry-roasted, oil-roasted and fat-roasted areca or betel nuts. The specific tariff entry for roasted nuts therefore prevails over the general entry applicable to dried nuts.

Recognition of IFSC stock exchanges, clearing corporations and depositories depends on incorporation, ownership, fit-and-proper status, net worth, governance and operational capability. Stock exchanges require orderly trading, surveillance, investor grievance and continuity systems; clearing corporations require netting, novation, risk controls and a Settlement Guarantee Fund; and depositories require secure dematerialisation, daily reconciliation, data protection and investor safeguards. Recognised institutions must ensure fair access, maintain electronic records, appoint a compliance officer, submit returns, and remain subject to inspection, audit, directions and prescribed conditions.

Goa grants full State tax exemption for specified intra-State supplies of goods classified under listed tariff items, headings and Chapters. Coverage includes primary agricultural produce, specified food products, seeds, feed, medicines, contraceptives, educational goods, cultural articles, public-interest goods and identified indigenous handmade musical instruments. Many entries apply only to goods other than pre-packaged and labelled goods. Lottery supplies, grant-funded supplies by Government entities, hearing-aid parts and public auctions of specified gift items are subject to stated conditions. Customs Tariff classification rules apply, and seed exemptions require seed-quality or sowing use.