Functional comparability requires exclusion of a high-end e-publishing and digital-content provider from the benchmark for routine BPO services, particularly where acquisitions constitute extraordinary events affecting comparability. The arm's length price must therefore be recomputed without that comparable. Employees' ESI/PF contributions paid after the prescribed due date are not deductible where the former provident-fund grace period had been withdrawn and continuous online remittance remained available. A public holiday does not extend the statutory deadline merely because physical offices are closed, since impossibility relief is unavailable where electronic payment can be made. The employee-contribution disallowance consequently remains.

The Performance Review Committee must submit, in the fixed month of each year, a consolidated report to the Authority containing findings from each review area. The Authority shall take action on the report under the statutory mechanism in section 17(2) of the Act. The reporting process connects annual review findings with required regulatory action.

Any person may submit a written complaint in the prescribed form concerning an incident within specified statutory categories. The Committee registers and numbers each complaint, may seek necessary information or confirmation from the complainant, and submits a findings report to the Authority. The Authority may dismiss a complaint where no prima facie case exists, with intimation to the complainant and Committee, or forward a prima facie meritorious complaint to the concerned authority for action under applicable laws.

Regulation 8 requires the Performance Review Committee to meet at least twice each financial year. Quorum is half of total Committee strength, including at least one member and one independent expert dealing with each review function. The Committee Secretary must circulate meeting notice, place and agenda at least seven working days in advance. Minutes are recorded as the Chair considers appropriate, the Authority's Secretary acts as Committee Secretary, and adequate resources must support effective performance of functions.

The Performance Review Committee may access all relevant records and require attendance of any employee of the Authority for performing its functions. Information concerning the Committee's deliberations and decisions may be shared only by the Chairperson or a person authorised by the Chairperson, including with the media.

Risk management review requires assessment of whether the Authority manages risks affecting its functioning reasonably. The Performance Review Committee must examine the adequacy and effectiveness of risk-monitoring measures, the appropriateness of risk-identification measures, operational safety and soundness, mitigation and categorisation of potential risks, and processes for monitoring, evaluation, and maintenance of breach records.

Compliance and governance review requires assessment of whether the Authority complies with applicable laws and promotes transparency and best governance practices while exercising its powers and functions. Regulations are examined for legal consistency, reduced stakeholder compliance burdens, transparency, fairness, non-discrimination, accessibility, clarity, understandability, and the predictability and guidance needed by regulated entities to comply.

Performance Review Committee oversight requires review of the Authority's functioning at least once in every financial year. The review assesses compliance with applicable laws when exercising powers and performing functions under the governing legislation; promotion of transparency and governance best practices through regulations; and risk management relating to the Authority's functions.

The Committee comprises two Authority members nominated by the Board and up to two independent experts for each review function. Independent experts must have relevant experience and skills and be free from direct and substantial conflicts capable of influencing their duties. Members serve three-year terms, cannot be re-nominated for two years after expiry, and vacancies are filled for the remaining term.

Definitions identify the governing statute, the International Financial Services Centres Authority, its Board, Chairperson, the Performance Review Committee, and the International Financial Services Centre. Terms not specifically defined retain meanings assigned under the governing statute, enactments listed in its First Schedule, and related rules or regulations, including statutory modifications or re-enactments.

The International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022 govern constitution of the Performance Review Committee, information to be provided, adequate resource provision, and discharge of the Committee's functions. The framework comes into force upon publication in the Official Gazette and thereafter applies to these Committee-related matters.

Bulk sugar consumers using more than 10 tonnes monthly as a raw material may hold up to 30 days' requirement instead of 15 days. Holdings above 15 days must consist exclusively of sugar imported under the Tariff Rate Quota or Advance Authorisation Scheme; sugar obtained from the open market remains restricted to 15 days' consumption. Bulk consumers must declare and disclose their sugar inventories every Friday through the food ministry's online portal.

Insurance Web Aggregators must act with good faith, integrity, care and diligence; protect prospect information and confidential documents; and assess prospects' insurance-risk awareness. They must maintain complaint-recording systems, offer online complaint facilities, acknowledge communications within five working days, provide further redressal information, and ensure Key Management Person-level handling. Designated websites must avoid prohibited advertising, while remuneration must be disclosed on request. Staff must be trained and competent, advice quality monitored, and clients informed of the prohibition on rebating and sharing remuneration. Public notices and prescribed regulatory returns are required.

Insurance Web Aggregators must make registration, insurer, product, and prospect-data-sharing disclosures on their websites; restrict unapproved third-party promotions and client diversion; and register for telemarketing where applicable. They must operate a Lead Management System, maintain insurer-agreement records, comply with applicable legal requirements, and accept only prescribed remuneration from insurers. Prior approval is required for specified changes in management, ownership-related personnel, name, office address, core service providers, and server location.

Insurance outsourcing to Insurance Web Aggregators may be undertaken by insurers at their discretion, while execution of the services remains a core activity to be carried out by the insurer. Each insurer-IWA outsourcing relationship must be governed by a written contract clearly setting out material aspects, including service charges and the parties' rights, responsibilities, and expectations. IWAs may undertake outsourcing activities through tele-marketing and distance-marketing modes.

Insurance Web Aggregators may conduct telemarketing and distance-mode insurance solicitation only after telemarketer registration and through Authorized Verifiers. Solicitation must arise from website-generated leads, obtain express Prospect consent for outbound calls, use standardized scripts, provide complete product disclosures, and be based on need analysis. IWAs must avoid exclusive promotion of an insurer, preserve call and verifier records, and remain accountable for Authorized Verifier conduct. Insurers must retain distance-sale records, undertake verification calls, and issue policies with prescribed transcripts and servicing information.

Insurance web aggregators (IWAs) must operate a lead management system that records designated-website visitors' full details, generated leads, and visitor preferences. LMS data must be shared with insurers having agreements with the IWA, subject to transparency and accountability. Visitors must be able to select up to three insurers for simultaneous lead transmission; leads containing prospect data must not be sent to insurers outside those preferences. Where an interested prospect names no insurer, transmission is limited to no more than three insurers in the same insurance class following need analysis.

Insurance Web Aggregators must prominently disclose possible sharing of visitor particulars with insurers and confine displayed product information to authentic insurer-furnished material. Comparisons must be current, accurate, unbiased, and factual, without ratings, rankings, endorsements, bestsellers, or editorial comments on insurers or products. Comparison charts must sequentially present coverages, exclusions, benefits, terms, conditions, and price, with customer acknowledgement. Product-price comparisons must include all taxes and fees on a gross basis for like-to-like comparison.

Insurance Web Aggregators must maintain secure, India-hosted information systems, encrypt transmission of leads and data, and use approved payment gateways where authorised to collect premiums. Their systems must undergo annual information-security audits, followed by submission of audit reports and annual compliance certificates. IWAs must restrict displayed products to contracted insurers, tag policies to Authorized Verifiers for sales and complaint tracking, and comply with controls on websites, domain names, corporate nomenclature, and regulatory disclosures.

Authorized Verifiers must be resident in India, be on the rolls of an Insurance Web Aggregator or tele-marketer, and solicit insurance only through tele-marketing or distance marketing. They must conduct need-based sales, explain comparable products, avoid unsolicited outbound calls and misleading promises, and satisfy prescribed training and examination requirements. Insurance Web Aggregators must tag each policy to the verifier for sales and complaint tracking. Transfers require a no-objection certificate or expiry of the prescribed waiting period.