THE FOURTH SCHEDULE [refer regulation (8)] : (i). The TechFin and Ancillary Service Provider shall ensure compliance with the requirements prescribed in the relevant rules issued by the Central Government and in any regulations, guidelines, circulars or instructions as may be issued from time to time by the Authority or any concerned regulators or authorities. (ii). The TechFin and Ancillary Service Provider shall inform the Authority of any material change in the informa... ... ...

THE THIRD SCHEDULE [refer regulation 3(1)(xiii)] : (i) Core activities which are not permitted to be outsourced by an entity regulated by any financial sector regulators of home jurisdictions; (ii) Activities which are regulated under any regulations or framework issued by IFSCA; (iii) Facility management services which inter-alia includes building maintenance, security services, housekeeping services, civil, mechanical, electrical and plumbing maintenance servic... ... ...

THE SECOND SCHEDULE [refer regulation 3(1)(xiii)] : (i). Accelerators; (ii). Agri Tech; (iii). Big data & analytics; (iv). Climate, Green and/or Sustainable Tech; (v). Cloud computing services; (vi). Cyber security, cyber security architecture and cyber risk management services; (vii). Application development and maintenance; (viii). Automation and robotic process automation; (ix). Enterprise resource planning... ... ...

THE FIRST SCHEDULE [refer regulation 3(1)(xiii)] : (i). Actuarial services; (ii). Advisory services; (iii). Assets management support services; (iv). Auditing services; (v). Business process outsourcing; (vi). Compliance management support services covering assessment of internal control system, integrated reporting, financial reporting, non-financial reporting, corporate sustainability reporting, board reporting, annual report, other r... ... ...

20. 1) On and from the commencement of these regulations, the Circular dated February 10, 2021 as amended from time to time, titled as "Framework for enabling Ancillary services at International Financial Services Centres" and any other circulars issued thereunder, shall stand repealed after twenty-four (24) months from the commencement of these regulations. 2) The provisions related to TechFin mentioned under clause 7 and Annexure-I of the Circular dated April 27, 2022, titled as "Framew... ... ...

19. 1) The Authority may initiate any action, as it may deem fit, in case a TechFin and Ancillary Service Provider contravenes any of the provisions of these regulations, circulars, guidelines or directions issued thereunder. 2) No action as referred under sub-regulation (1) shall be taken without giving the TechFin and Ancillary Service Provider, a reasonable opportunity of being heard by way of written submissions. =============... ... ...

18. The Authority, may suo motu or upon receipt of information or complaint, appoint one or more persons as Inspecting Authority to, inter-alia, undertake the inspection of books of accounts, records, documents, infrastructure, procedures and systems of a TechFin and Ancillary Service Provider. =============... ... ...

17. The Authority may call for any information, documents or records from the TechFin and Ancillary Service Provider and it shall be the duty of the TechFin and Ancillary Service Provider to submit the same within the specified time. =============... ... ...

16. The TechFin and Ancillary Service Provider shall pay the annual fees, and any other fees as may be specified by the Authority from time to time. =============... ... ...

15. For the purposes of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes, additional requirements, etc. by way of circulars or guidelines or directions. =============... ... ...

14. In order to remove any difficulty in the interpretation or application of the provisions of these regulations, the Authority may issue directions through guidance notes or circulars. =============... ... ...

M. S. KARNIK, J. For the Applicant : Adv. Zehra Charania a/w Adv. Dilip Mishra a/w Adv. Ayaz Khan For the State : Mr. P. H. Gaikwad, APP. API Gaikwad, ANC Bandra Unit. P.C. : 1. Heard learned counsel for the applicant and learned APP for the State. 2. This is an application for bail in respect of the offence punishable under Section 8(c) read with Sections 20(c) and 29 of the Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act), registered on 04/01/2021 vide C.R. No.... ... ...

13. 1) The Authority, for reasons to be recorded in writing, may in the interest of the development of the financial services market in the IFSC, relax the strict enforcement of any requirements of these regulations. 2) For seeking relaxation under sub-regulation (1), an application giving details and the grounds on which such relaxation has been sought, shall be filed with the Authority along with a non-refundable fee as may be specified by the Authority. 3) The application made under... ... ...

12. 1) The TechFin and Ancillary Service Provider shall furnish information relating to its operations to the Authority, in such manner, interval and form, as may be specified by the Authority. 2) Any financial reporting by the TechFin and Ancillary Service Provider to the Authority shall be in US Dollar, unless otherwise specified by the Authority. =============... ... ...

CHAPTER VI MISCELLANEOUS 11. 1) The TechFin and Ancillary Service Provider shall carry out its operation in any of the Specified Foreign Currency: Provided that the TechFin and Ancillary Service Provider may open an INR account to defray its administrative and statutory expenses and for such other purposes as may be permitted under the applicable laws. 2) Every TechFin and Ancillary Service Provider shall maintain its balance sheet in any of the Specified Foreign Currencies. =... ... ...

CHAPTER V INTERMEDIARIES AND SERVICE RECIPIENTS 10. 1) The TechFin and Ancillary Service Provider may provide the services only to an Intermediary or a Service Recipient, who is a Non-resident and from a jurisdiction which has not been identified in the public statement of Financial Action Task Force (FATF) as "High-Risk Jurisdiction subject to call for action". 2) Notwithstanding anything contained in sub-regulation (1), the TechFin and Ancillary Service Provider may also provide t... ... ...

CHAPTER IV REQUIREMENT OF PRINCIPAL OFFICER AND COMPLIANCE OFFICER 9. 1) The TechFin and Ancillary Service Provider shall appoint a principal officer or designate one of its existing officers as a principal officer, who shall be responsible for its overall activities: Provided that in the case of a TechFin and Ancillary Service Provider providing services exclusively to its Group Entities located in the IFSC, the appointment of a principal officer is optional subject to the approval... ... ...

8. The TechFin and Ancillary Service Provider shall abide by the specified in the Fourth Schedule. =============... ... ...

CHAPTER III FIT AND PROPER REQUIREMENTS AND CODE OF CONDUCT 7. 1) The TechFin and Ancillary Services Provider shall ensure that the entity and its principal officer, compliance officer, directors/ partners/ designated partners, and controlling shareholders are 'fit and proper' persons, at all times. 2) For the purpose of sub-regulation (1), a person shall be deemed to be a 'fit and proper' if,- (i). such a person has a record of fairness and integrity, including but not lim... ... ...

6. 1) An applicant desirous of obtaining certificate of registration as TechFin and Ancillary Services Provider shall submit the application to the Authority through SWIT, along with the requisite documents and application fees, in the manner specified by the Authority. 2) After considering the application, if the Authority is of the opinion that the certificate of registration cannot be granted due to certain deficiencies, it shall communicate the same to the applicant, advising it to re... ... ...