39. (1) FME shall compute the NAV of each restricted scheme at least on a monthly basis: Provided that in case of a close ended restricted scheme the computation of NAV shall take place at least half-yearly. (2) The procedure and methodology for calculating the NAV should be fully documented, and such documentation should be regularly verified and amended, if required. =============... ... ...

38. (1) The FME and fiduciaries shall ensure compliance of investment valuation norms specified in the Sixth Schedule. (2) In line with the investment valuation norms, the assets of the scheme shall be valued by an independent service provider, such as a fund administrator, a custodian, a credit rating agency registered with the Authority or a valuer registered with Insolvency and Bankruptcy Board of India or such other person as may be specified by the Authority: Provided that the abo... ... ...

37. A restricted scheme may borrow funds or engage in leveraging activities, subject to the following conditions :- (a) The maximum leverage by the scheme, along with the methodology for calculation of leverage, shall be disclosed in the placement memorandum; (b) The leverage shall be exercised in accordance with the disclosures in the placement memorandum and any deviation therefrom shall be subject to consent of two-thirds (2/3rd) of the investors by value; and (... ... ...

36. (1) The placement memorandum for restricted schemes shall clearly include disclosures regarding the investment objective, the targeted investors, proposed corpus, investment style or strategy, investment methodology, proposed tenure of the scheme, proposed fees and expenses, risk management practices, KMPs of the FME and other relevant details of the FME and the scheme. (2) Any material deviation or alteration to the fund strategy should be made with the consent of at least two- third... ... ...

35. (1) In case of an open-ended scheme, the maximum investment in unlisted securities should not exceed twenty-five per cent. (25%) of the corpus of the scheme: Provided that in case of an open-ended fund of funds scheme, this requirement shall not be applicable if such scheme is investing in other open-ended scheme(s) which shall not have investment in unlisted securities in excess of twenty-five per cent. (25%) of their corpus. (2) The minimum size of corpus of the restricted scheme... ... ...

34. (1) Subject to other provisions of these regulations, a restricted scheme may invest only in the following instruments or entities in IFSC, India or foreign jurisdiction :- (a) Unlisted securities; (b) Securities listed or to be listed or traded on stock exchanges; (c) Money market instruments; (d) Debt securities; (e) Securitised debt instruments, which are either asset backed or mortgage-backed securities; (f) Units of other investm... ... ...

33. (1) Restricted schemes may be launched as open ended or close ended schemes. (2) In case of a close ended restricted scheme, the amount to be raised and the tenure of the scheme, which shall not be less than one (1) year, shall be disclosed in the placement memorandum. (3) The tenure of the close ended restricted schemes may be extended up to two (2) years subject to approval of two-thirds (2/3rd) of the investors by value of their investment in the restricted scheme. (4) Furthe... ... ...

32. (1) Restricted schemes shall not have more than one thousand (1000) investors or such number as may be specified by the Authority. (2) Investors investing at least USD 150,000 and Accredited Investors may invest in such schemes: Provided that in case of investors who are employees or directors or designated partners of the FME, the minimum value of investment shall be USD 40,000: Provided further that a FME may accept investments in a Restricted scheme from multiple investors ac... ... ...

31. (1) A Registered FME may launch restricted schemes through private placement by filing the placement memorandum with the Authority along with the applicable fees, in the manner as may be specified by the Authority in this regard. (2) The filing of scheme documents for restricted schemes shall be under green channel whereby the schemes filed shall be open for subscription by investors immediately upon communication from the Authority that the placement memorandum has been taken on reco... ... ...

SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) For the Assessee : Mr. Ajay Singh, AR For the Revenue : Mr. Ram Tiwari, DR ORDER PER N.K. PRADHAN, AM This is an appeal filed by the assessee. The relevant assessment year is 2010-11. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-33, Mumbai [ in short 'CIT(A)']and arises out of the assessment completed u/s 143(3) of the Income Tax Act 1961, (the 'Act'). 2. The gro... ... ...

PART B: RESTRICTED SCHEMES (NON-RETAIL SCHEMES) 30. (1) Restricted Schemes are schemes that may be launched by Registered FMEs for various investment strategies, such as for :- (a) investing in start-up, early-stage ventures, social ventures, SMEs, infrastructure or other sectors or areas which the government or regulators consider as socially or economically desirable, including venture capital funds, SME Funds, social venture / impact funds, infrastructure funds, ESG Funds, Spe... ... ...

SIXTH SCHEDULE INVESTMENT VALUATION NORMS - PRINCIPLES OF FAIR VALUATION A FME shall value its investments in accordance with the following overarching principles so as to ensure fair treatment to all investors including existing investors as well as investors seeking to invest: (a) The valuation of investments shall be based on the principles of fair valuation i.e., valuation shall be reflective of the realizable value of the securities/financial product/assets. The valuation shall be ... ... ...

FIFTH SCHEDULE ADVERTISEMENT CODE (a) Advertisements shall be accurate, true, fair, clear, complete, unambiguous and concise. (b) Advertisements shall not contain statements which are false, misleading, biased or deceptive, based on assumption/projections and shall not contain any testimonials or any ranking based on any criteria. (c) Advertisements shall not be so designed as likely to be misunderstood or likely to disguise the significance of any statement. Advertisements shall not... ... ...

GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI - 110002 (POLICY BRANCH) F. 3(659)/GST/P&R/2026/125 Dated: 13/3/2026 Instruction Subject: It has been observed that despite issuance of various orders and circulars by this Department from time to time regarding the timely processing and disposal of refund claims, a number of matters relating to delay in grant of refunds are still being brought before the Hon'ble Courts. ... ... ...

FOURTH SCHEDULE ROLES AND RESPONSIBILITIES FOR PARTIES TO AN INVESTMENT TRUST PART A: ROLES AND RESPONSIBILITIES OF TRUSTEE (a) The trustee shall hold the Business assets in trust for the benefit of the unit holders in accordance with the trust deed and the requirements specified in these regulations. (b) The trustee shall enter into an investment management agreement with the investment manager on behalf of the Investment Trust. (c) The trustee shall oversee activities of the inv... ... ...

THIRD SCHEDULE CODE OF CONDUCT AND OBLIGATIONS PART A: CODE OF CONDUCT AND OBLIGATIONS OF THE FUND MANAGEMENT ENTITY (a) The FME shall take all reasonable steps and exercise due diligence to ensure that the investment of funds pertaining to any scheme is not contrary to the provisions of these regulations. (b) The FME shall be responsible for the acts of commission or omission by its employees or the persons whose services have been procured by the FME. (c) Notwi... ... ...

SECOND SCHEDULE NET WORTH REQUIREMENTS S. No. Category Net Worth 1 Authorised FME USD 75,000 2 Registered FME (Non-retail) USD 5,00,000 3 Registered FME (Retail) USD 1,000,000 =============... ... ...

FIRST SCHEDULE (Regulation 3) MANNER OF APPLICATION FOR REGISTRATION Applicants shall file their application in the SWIT and shall provide the following declarations and undertakings as part of their application in the SWIT: a) We hereby declare that the information supplied in the application, including the attachments thereto, is complete and true. b) The activities proposed in the IFSC are in line with the object clause. c) The applicant and its principal o... ... ...

Co-investment by a Venture Capital scheme may occur through a special purpose vehicle or a segregated portfolio issuing a separate class of units. Segregated portfolio investments cannot be made on terms more favourable than those available to the common portfolio, and their creation must be appropriately disclosed in the placement memorandum. A special purpose vehicle may undertake leverage if the leverage is disclosed in the placement memorandum.

FME contribution requirements for Venture Capital Schemes prescribe minimum and maximum investments based on the targeted corpus, with no mandatory contribution for relocated schemes. The contribution must be made proportionately with investor investments within 45 days, subject to extension, and maintained continuously. The maximum contribution ceiling does not apply where specified foreign-residency, beneficial-ownership and investment-concentration conditions are met. Exemptions apply on investor waiver, accredited-investor participation, or where a fund of funds invests in schemes with similar requirements.