Third-party fund management services require an FME to obtain authorisation and comply with applicable conditions. The FME must maintain a strengthened compliance function, with resources proportionate to its IFSC operations and adequate scheme-specific compliance oversight. The FME and fiduciaries must ensure compliance, while the FME remains liable for all obligations and liabilities arising from a third-party fund management arrangement despite any contractual or indemnification arrangement with the third party.

Third-party fund management services or arrangements arise where a Registered FME manages schemes on behalf of a third party. A third-party fund manager includes an entity registered or regulated by the relevant financial-sector regulator in its country of incorporation for fund management, portfolio management, investment advisory, or a similar activity, and which avails such services from a Registered FME.

Value means the value of any benefit or facility granted or provided free of cost or at a concessional rate. For specified NPO-related purposes under the Income-tax Act, 2025, the recipient is a related person. Under the Income-tax Act, 1961, the term applies to persons identified under the relevant categories of section 13(3).

Before sanctioning a GST or DVAT refund, the Proper Officer must verify whether insolvency or liquidation proceedings against the registered person are pending or concluded and ascertain their status. Government dues constitute operational debt, requiring departmental claims to be addressed in the insolvency process. Where proceedings exist, refund processing must be undertaken through the concerned Zonal In-charge in consultation with the Law and Judicial Branch. For DVAT refunds sent for ECS processing, the Ward In-charge must certify that no such proceeding is pending or concluded against the dealer.

Section 23 of the Consumer Protection Act, 1986, and corresponding 2019 provisions permit a statutory appeal to the Supreme Court only from National Commission orders made in original jurisdiction, not appellate or revisional jurisdiction. National Commission appellate orders remain subject to High Court writ and supervisory jurisdiction under Articles 226 and 227. Although Article 136 is not limited by statutory finality, special leave jurisdiction is exceptional and ordinarily should not be invoked where an effective High Court remedy exists. The petition was not examined on merits, with liberty to pursue relief before the jurisdictional High Court.

BRICS trade cooperation is marked by reported growth in member-country exports and a near doubling of BRICS nations' share of global exports. Business-forum discussions address non-tariff barriers affecting global value chains, agriculture and agri-technologies, services trade, women-led enterprises and the digital economy.

India's foreign exchange reserves increased by USD 44.903 billion to USD 785.706 billion in the week ended September 4, following an increase in the preceding reporting week. Reserve accumulation resumed after concessional forex swap initiatives announced amid local-currency depreciation. Foreign currency assets rose to USD 648.168 billion, including valuation effects from non-US currencies. Gold reserves and special drawing rights declined, while the reserve position with the International Monetary Fund increased marginally.

For uniformity in Delhi GST administration, the Delhi State Tax Department applies mutatis mutandis Instruction No. 05/2023-GST of Central Tax while implementing the Delhi Goods and Services Tax Act, 2017. The central-tax instruction concerns the Supreme Court judgment in Northern Operating Systems Private United (NOS), and the measure is clarificatory; implementation difficulties may be referred to the Commissioner of State Tax, Delhi.

Regulation 107A, within Part D: Third-Party Fund Management Services, authorises an FME to launch a scheme on behalf of a third party, subject to compliance with Part D. It establishes a regulatory route for third-party scheme launches by an FME, with Part D requirements governing the exercise of that permission.

Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged corruption, question-paper leaks, and manipulation of state Public Service Commission examinations conducted in 2020 and 2021. An additional collector, formerly an officer on special duty in the office of the then chief minister, was arrested in connection with the investigation. Custodial interrogation is proposed to be sought before the special Prevention of Money Laundering Act court.

Under the Madhya Pradesh Excise Act and Country Spirit Rules, a CS-1 licence for manufacture, bottling and wholesale supply of country spirit requires State Government approval and operation within an area determined by the Excise Commissioner. The governing provisions do not prescribe prior participation in a tender process or prior allotment of an operational area as licence conditions. Although no fundamental right exists to trade in liquor, the State's grant of liquor privileges must satisfy Article 14 and cannot be arbitrary. Refusal solely for non-participation in tendering is therefore inconsistent with the statutory scheme and requires reconsideration without those extraneous conditions.

Trusted financial innovation requires financial stability, customer protection, security, transparency, accountability and fairness. Digital payments, as critical infrastructure, require operational and cyber resilience, ecosystem-wide fraud prevention, effective authentication, grievance redressal and timely customer access to funds. Digital lending does not dilute regulated-lender responsibility; borrowers must understand loan terms, and data use must be consent-based, purpose-linked and secure. Institutions remain accountable for algorithmic decisions, model bias and explainability. Regulation should be proportionate to risk while supporting inclusive, resilient innovation.

Fintech should advance financial inclusion through accessible savings, insurance, pensions and small-ticket credit, while AI, quantum computing and tokenisation serve consumer service, credit assessment, efficiency and fraud prevention. Trust requires mitigating AI-related risks, treating customer data as a fiduciary responsibility, using consent-based and purpose-limited data sharing, and maintaining resilience, continuity and cybersecurity at scale. Regulation is proportionate and activity-based, calibrated to risk, capacity, systemic significance and consumer conduct.

Regulation 148 repeals the 2022 fund-management framework and supersedes specified circulars while preserving regulatory continuity. Prior registrations, approvals, fees, enforcement actions, investigations, notices and pending applications are deemed to continue under corresponding 2025 provisions. Accrued rights, liabilities, penalties, proceedings and remedies remain unaffected. References to the repealed framework are read as references to corresponding 2025 provisions, and earlier circulars and guidelines continue unless specifically superseded or modified.

Delegation of powers permits the Authority's powers under the International Financial Services Centres Authority (Fund Management) Regulations, 2025 to be exercised by an Authority officer where those powers have been delegated by the Authority.

Regulation 146 permits the Authority to prescribe norms, procedures, processes and additional requirements through circulars, guidelines or directions for implementing the Fund Management Regulations and addressing incidental matters. It also permits directions through guidance notes or circulars to remove difficulties in the interpretation or application of the Regulations.

Regulatory or innovation sandbox participation may permit exemption from all or specified regulatory requirements for a stated period not exceeding eighteen months, to facilitate live-environment testing of innovative financial-market products, strategies, processes, services, business models and technology. Experiments involving a scheme and a new strategy must not solicit money from the public and must follow the specified framework. Exemptions are subject to conditions imposed on the applicant, including continuous compliance conditions.

The Authority may relax strict enforcement of Fund Management Regulations requirements in the interest of financial market development in the IFSC, subject to recorded written reasons. An applicant must file a detailed application stating the grounds for relaxation and pay the specified non-refundable fee. A complete application, including responses to clarifications sought, must be processed within sixty days, with reasons recorded for acceptance or refusal.

Suspension, cancellation of registration, or other action against a Fund Management Entity may be taken for non-compliance with registration conditions or applicable regulatory requirements, failure to furnish required information or periodic reports, or provision of materially false or misleading information. Action may also follow from non-cooperation in regulatory enquiries, inspections, or investigations, failure to address investor complaints satisfactorily, or any act or omission warranting intervention or adverse to investor interests.

Post-inspection enforcement authorises directions after consideration of an inspection report and a reasonable opportunity of hearing. Directions may restrict new scheme launches or fundraising, prevent disposal of property acquired in contravention, require directed asset disposal, and require repayment of money or assets to investors with or without interest. Concerned persons may also be prohibited from operating in or accessing the financial market for a specified period.