Trust and Company Services Providers undertaking leasing activities permitted by the Authority may establish trusts, companies, limited liability partnerships and other body corporates; arrange fiduciary or corporate appointments; and provide registered office, business, correspondence or administrative addresses where applicable law permits. Additional services may be undertaken only where permitted by the Authority.

Regulation 10L requires every Trust and Company Services Provider to identify conflicts of interest arising in the course of its business and, wherever appropriate, disclose them. Each provider must also maintain a documented conflict management policy, establishing a formal framework for identifying, disclosing and managing business-related conflicts.

Every Trust and Company Services Provider must maintain professional indemnity insurance cover commensurate with the scale and risk profile of its business. The cover must protect against claims arising from negligence, errors, omissions, or breach of duty. Compliance requires insurance protection calibrated to the provider's business scale and risk profile.

Trust and Company Services Providers that contravene applicable regulatory provisions, guidelines, circulars or directions are liable to enforcement action under the Act, including suspension or cancellation of registration. Before enforcement action arising from regulatory default is taken, the provider must be afforded a reasonable opportunity to be heard through written submissions.

Classification of hydrogen-cylinder skid vehicle rentals as a deemed sale or a taxable supply of tangible goods for use depends on the invoices evidencing the transaction's true nature. As those invoices were unavailable and had not been verified, service-tax liability remained undetermined. Fresh examination of the invoices is required through remand for fresh adjudication.

Trust and Company Services Providers must furnish operational information to the Authority in the prescribed manner, at prescribed intervals and in the prescribed form. Financial reporting to the Authority must be made in US dollars unless it specifies otherwise. The applicable reporting format, periodicity and any alternative reporting currency remain subject to the Authority's directions.

Trust and Company Services Providers may serve non-residents from jurisdictions not identified as FATF high-risk jurisdictions subject to a call for action. Fifth Schedule services may be provided to an IFSC-based special purpose vehicle as the primary service recipient even where requested by, or benefiting, an Indian resident. A resident sponsor, originator, or financier is not thereby a service recipient, and contractual and fiduciary obligations remain solely with the special purpose vehicle under applicable service agreements.

Trust and Company Services Providers must appoint a Principal Officer and a Compliance Officer who are based in the International Financial Services Centre and employed full-time. Both officers require a professional or post-graduate qualification in finance, law, commerce, or a related field. The Principal Officer must also have at least five years of post-qualification financial services experience. A Compliance Officer appointed under another applicable legal or regulatory framework may be redesignated for Trust and Company Services Provider business if the minimum requirements are fulfilled.

Trust and Company Services Providers must maintain proportionate governance frameworks, internal audit or independent review mechanisms, and effective AML/CFT and KYC controls. They must keep accurate and accessible client, entity, service and constitutive records, retain them for at least five years after the client relationship ends, and apply data-security and confidentiality safeguards. Segregation of duties is required across client acceptance, service delivery, transaction execution and compliance oversight. Permitted leasing services must be maintained as a distinct and adequately resourced business line.

Regulation 10E requires a Trust and Company Services Provider to ensure continuously that the entity, its principal officer, compliance officer, directors, partners, designated partners, and controlling shareholders are fit and proper persons in accordance with Regulation 7.

Regulation 10D identifies the permissible activities of a Trust and Company Services Provider operating in an IFSC. Services that may be undertaken are confined to those specified in the Fifth Schedule, linking authorised service offerings to the scheduled framework.

Regulation 10C requires an applicant for trust and company services provider activities to be incorporated in the IFSC as a company or limited liability partnership, unless another legal form is permitted by the Authority. Every promoter or partner must also be from a jurisdiction not identified in the Financial Action Task Force public statement as a high-risk jurisdiction subject to a call for action.

Trust and Company Services Provider operations in the IFSC require a certificate of registration before commencement for permitted leasing activities. Applicants must apply in the prescribed manner and declare that their Trust and Company Services Provider activities will remain at arm's length from other services. Registration continues unless suspended, cancelled, or voluntarily surrendered, with surrender effective only upon Authority acceptance. Existing TechFin and Ancillary Service Providers require separate approval to undertake such services.

Regulation 10A defines a Trust and Company Services Provider as an entity granted registration as a Tech Fin and Ancillary Services Provider under the applicable Regulations. Registration qualifies the entity to undertake Trust and Company Services Provider services for leasing activities permitted by the Authority, limiting the service category to registered entities operating within the permitted leasing scope.

Depreciation on the portion of input tax credit reversed by an NBFC under the 50% credit mechanism in Rule 38 is examined in relation to capital goods. The view advanced characterises unreclaimable credit as a cost borne by the NBFC and part of the actual purchase cost of capital goods. On that view, the lapsed amount may be capitalised and depreciation claimed under the Income-tax framework, subject to section 16(3) of the CGST Act.

Merit in a civil review petition concerning Central Excise was not found after consideration of the petition and connected papers, resulting in dismissal. No underlying Central Excise issue, review ground, statutory provision, or broader legal principle is identified. The dismissal records only the absence of merit in the particular review petition.

Supreme Court declined to interfere in a central excise civil appeal and dismissed the appeal without recorded reasons. No legal issue, statutory provision, factual basis, or interpretative principle was articulated. The operative result is limited to dismissal of the civil appeal, with no stated basis capable of establishing a broader rule on central excise or appellate review.

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.

Pension Funds must maintain an integrated risk management framework covering the identification, assessment, mitigation, monitoring and reporting of financial, operational and compliance risks. The Compliance Officer must oversee implementation and ensure that risk considerations inform Scheme decision-making. Controls must address market, credit, liquidity, operational and compliance risks through diversification, hedging, liquidity buffers, internal controls, audits and regulatory monitoring. Regular stress testing and scenario analysis must assess portfolio and operational resilience and support corrective actions, including portfolio rebalancing, additional hedging, increased liquid reserves and contingency planning.

Portfolio-based limits allow up to full allocation to sovereign debt or equities, while corporate bonds are capped at 40% and high-yield bonds at 5%. Corporate-bond quality and downgrade cure requirements apply. Alternative investments cannot exceed 15% in aggregate, subject to sub-limits for REITs and InvITs, private equity and venture capital, and commodities. Concentration controls cap exposures to individual issuers, counterparties, industries, paid-up capital, and eligible-bank term deposits, with government securities excluded from the single-issuer limit.