GOVERNMENT OF PUDUCHERRY COMMERCIAL TAXES SECRETARIAT (G.O. Ms. No. 6, Puducherry, dated 10th August 2026) NOTIFICATION In exercise of the powers conferred by sub-section (1) read with sub-section (3) of section 112 of the Puducherry Goods and Services Tax Act, 2017 (Act No. 6 of 2017) and in supersession of the notification of the Commercial Taxes Secretariat, Government of Puducherry vide G.O. Ms. No. 25, dated 10th March, 2026, published in the Official Gazette of Puducherry, Extr... ... ...

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110002 F No. 2(29)/L&J/2017-18/77-83 Dated: 21-04-2023 ORDER In exercise of the powers conferred upon under sub-section (3) of section 5 read with sub-section (91) of section 2 of the Delhi Goods and Services Tax Act, 2017 (Delhi Act 03 of 2017) and the rules made thereunder, powers under Section 83 of the Delhi Goods and Services Tax Act, 2017 to be exercised u... ... ...

Third-party fund management services are excluded from Regulation 107M where an FME's parent entity or any associate provides fund-management-related support or advice to that FME. The relevant regulatory part is inapplicable to schemes of an FME affected by such parent-entity or associate involvement.

All other relevant provisions of the International Financial Services Centres Authority (Fund Management) Regulations, 2025, including circulars or guidelines issued under them, apply mutatis mutandis to FMEs authorised under the third-party fund management services framework. The application covers schemes managed under a third-party fund management arrangement, unless an express contrary specification applies.

Fund Management Entities using third-party fund management services must verify third-party eligibility, competence, and careful onboarding. Schemes established under these arrangements remain schemes of the FME, whose liability towards Restricted Schemes and investors continues unaffected. FMEs must monitor and review third-party services, report to fiduciaries, retain termination rights in investors' interests or on regulatory directions, ensure indemnity protection, pay prescribed fees, and remain responsible for all third-party acts, omissions, and commissions.

Fund Management Entities undertaking third-party fund management must maintain a comprehensive internal risk-management framework addressing arrangement-specific risks and conflicts. They must ensure segregation of funds and operational independence of all schemes, extend investor complaint and dispute mechanisms to third-party managed schemes, and conduct periodic internal audits and compliance reviews. Audit and review reports must be submitted to fiduciaries, alongside any further measures specified by the Authority.

^1[107I. For the Restricted Schemes that are managed under the third-party fund management services, besides making disclosures under regulation 36, the FME shall make the following disclosures under a separate head / section at a prominent place in the placement memorandum: (a) Details of the third-party and the persons who effectively conduct the business of such third-party; (b) Details of the segregated responsibilities of the FME and such third-party; (c) Pote... ... ...

^1[107H. Eligibility of 'third-party' A FME may provide third-party fund management services only to such third-party who is a third-party fund manager and meets the following criteria, namely: (a) It is incorporated either in India, IFSC or a foreign jurisdiction; (b) It allocates adequate resources to discharge its functions; (c) The persons responsible for its functions have adequate and requisite experience; and, (d) The third-party, its officers, direc... ... ...

^1[107G. (1) A FME shall manage Restricted in accordance with and in the manner as specified under Part B of Chapter III of these regulations: Provided that such scheme does not exceed the corpus of USD 50 million or such other value as may be specified by the Authority. (2) The third-party, under the third-party fund management arrangement, shall be deemed to be an associate of the FME for the purpose of compliance with the requirements specified under sub-regulation 3 of regulation ... ... ...

SUDERSHAN KUMAR MISRA, J. For the Petitioners : Mr. Abhimanyu Mahajan with Mr. Susmit Pushkar, Advocates For the Official Liquidator : Mr. Rajiv Bahl, Advocate, Mr. V. K. Gupta, Dy. Registrar of Companies ORDER SUDERSHAN KUMAR MISRA, J. 1. This joint petition has been filed under Sections 391(2) & 394 of the Companies Act, 1956 by the petitioner companies seeking sanction of the Scheme of Amalgamation of M/s. Genpact Infrastructure (Hyderabad) Private Limited (hereinafter referred... ... ...

  Definition as per the Income-tax Act, 2025 Section 355 { For purpose of Part B, NPO}  "wholly for charitable or religious purposes" shall mean wholly for charitable purposes or wholly for religious purposes or wholly for charitable and religious purposes. =============... ... ...

^1[107F. A FME seeking authorisation to offer third-party fund management services shall, at all times, maintain an additional net worth of USD 500,000 or such other amount as may be specified by the Authority; Explanation.- Such net worth shall be separate and in addition to: (i) the minimum net worth requirements applicable for its activities as a FME for the schemes, Portfolio Management Services or any other activities as permitted under these regulations as per the category ... ... ...

An FME under a third-party fund management arrangement must appoint a dedicated Principal Officer for each scheme, responsible for fund management, risk management and compliance. Non-Retail FMEs may use an existing Compliance Officer for third-party managed schemes, while Retail FMEs must keep Retail Scheme compliance oversight separate from Non-Retail Scheme oversight. Third-party managed scheme assets under management count towards additional KMP requirements, excluding fund of funds schemes.

A Fund Management Entity seeking authorisation for third-party fund management services in an IFSC must be constituted as a company, limited liability partnership, or another form permitted by the Authority. Its constitutional documents must expressly authorise the provision of third-party fund management services.

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.

J.B. PARDIWALA AND MANOJ MISRA JJ. For the Petitioner : Mr. Rajat Khattry, Adv. Mr. Varadarajan, Adv. Mr. Abhay Kumar, AOR For the Respondent : Mr. S.K. Verma, AOR Mr. Rajesh Singh Chauhan, AOR Mr. Anil Kumar Singh, Adv. JUDGMENT J. B. PARDIWALA, J .: 1. This petition seeking leave to appeal under Article 136 of the Constitution is at the instance of M/s Universal Sompo General Insurance Company Limited, Original appellant before the National Consumer Disputes Redressal Commission... ... ...