Registration of a Fund Management Entity remains valid for the period specified by the Authority, unless earlier suspended, cancelled, or surrendered and taken on record by the Authority.

Registration applications for Fund Management Entities may be refused only after deficiencies are communicated and the applicant is allowed 30 days to rectify them. If the deficiencies are not rectified to the Authority's satisfaction within that period, the Authority may refuse registration and must communicate the refusal with reasons.

Registration of a Fund Management Entity is conditional on regulatory compliance by the entity and its relevant officers and personnel. The entity must promptly notify the Authority of material changes in previously provided information or particulars affecting its registration. A registered entity cannot change its registration category without prior approval from the Authority.

Grant of Certificate of Registration as a Fund Management Entity may be made by the Authority after receiving all required information and being satisfied that the applicant qualifies under the appropriate category. Grant is subject to payment of the applicable registration fee.

Furnishing of information for Fund Management Entity registration permits the Authority to seek further information or clarifications about the applicant, the fund, proposed fund management activities, or related matters when considering a registration application. The applicant may be required to appear for personal representation, and the Authority may inspect the applicant's office before granting a certificate of registration.

Infrastructure requirements for registration of a Fund Management Entity require adequate office space, equipment, communication facilities and manpower to effectively conduct activities in an IFSC. These facilities must be commensurate with the scale of its IFSC operations. The office must be dedicated and secured, and access must be restricted to authorised persons of the Fund Management Entity.

Registration of a Fund Management Entity requires the applicant and its principal officers, management personnel and controlling shareholders to remain fit and proper at all times. The standard requires fairness, integrity, financial integrity, reputation, character and honesty. Disqualifications include convictions or pending proceedings for specified offences, insolvency, wilful default, regulatory recovery action, market-access restrictions, malfeasance-related winding-up, fugitive economic offender status and other specified grounds. Persons declared not fit and proper remain ineligible for registration until they satisfy the prescribed criteria.

Entities seeking registration as Fund Management Entities must continuously maintain the net worth prescribed in the Second Schedule or any amount specified by the Authority. A branch operating in the IFSC may maintain the required minimum net worth at the parent-entity level, subject to the parent ensuring adequate funds for day-to-day branch operations. This minimum net worth is separate from, and additional to, net worth requirements applicable to other activities within or outside the IFSC.

Every Fund Management Entity must designate an IFSC-based principal officer responsible for overall fund management, risk management and compliance. Registered FMEs require a compliance officer, while retail FMEs and FMEs crossing the prescribed assets-under-management threshold require an additional fund-management KMP, subject to stated exceptions. Principal officers and KMPs must meet prescribed educational, professional, experience and certification requirements. Fund portfolio proposals must be initiated from the IFSC office, staffing must be proportionate to operations, and KMP appointments and changes must follow the prescribed manner.

Fund management entity registration requires a sound track record and a general reputation for fairness and integrity. Retail entities may qualify through prescribed collective asset-management and investor experience of the entity, its holding company or subsidiaries, or through qualifying experience of controlling persons together with prescribed net worth. Alternative criteria may support innovative fintech companies. Non-retail and authorised entities require employees with prescribed relevant experience.

Interest disallowance under Section 36(1)(iii) is not sustainable merely because borrowings exist where sufficient interest-free own funds exceed interest-free advances and no nexus between borrowed funds and the advances is established. Interest-free advances made in an earlier year were treated as funded from the assessee's own funds, particularly as no disallowance arose in that year and there were no short-term borrowings in the relevant years. The claimed interest expenditure therefore remained allowable. Delay in filing the appeals was condoned because the former professional did not communicate the appellate orders, no physical copies were served, and the delay was bona fide.

Registration of a Fund Management Entity in an IFSC requires constitution as a company, LLP, branch, or another Authority-permitted form. A Registered FME (Retail) cannot be an LLP or branch. Branches are limited to FMEs already regulated for similar activities and must be ring-fenced by the parent, supported by continuously earmarked minimum capital. Constitutional documents must authorise fund management. A Registered FME (Retail) requires at least four directors, at least half of whom must be independent and unassociated with the FME.

Fund Management Entity registration requires an applicant seeking a certificate of registration to satisfy the eligibility requirements and conditions prescribed in the relevant chapter. Compliance with those chapter-specific requirements and conditions forms the basis for obtaining registration under the International Financial Services Centres Authority (Fund Management) Regulations, 2025.

Fund management in an IFSC requires prior registration as a Fund Management Entity before operations commence. Applicants must submit the prescribed application, declarations, undertakings, documents and fee; incomplete applications are liable to rejection. Registration is available as an Authorised FME, Registered FME (Non-Retail), or Registered FME (Retail). The categories progressively permit venture capital and family investment fund management, restricted schemes and portfolio management services, private-placement investment trust management, and retail schemes, publicly offered investment trusts and exchange traded funds, subject to category-specific conditions, responsibilities and disclosure obligations.

Regulation 2 supplies the core definitional framework for IFSC fund management, covering FMEs, investors, schemes, offering documents, compliance personnel, control, associates and foreign jurisdictions. It differentiates retail, restricted, venture capital, family investment, fund-of-funds, index, sectoral and thematic schemes. Associate status is determined by prescribed direct economic interests held in or through an FME, while a fiduciary is excluded unless it has direct economic interest or control. Foreign jurisdictions require recognised regulatory-cooperation status and cannot fall within specified anti-money-laundering or counter-terrorist-financing deficiency categories.

International Financial Services Centres Authority (Fund Management) Regulations, 2025 are made under the Authority's enabling powers relating to fund management and securities regulation. The Regulations take effect from their publication in the Official Gazette.

Fund management in an International Financial Services Centre requires prior registration as a Fund Management Entity under Authorised, Non-Retail, or Retail categories. Applicants must meet legal-form, net-worth, infrastructure, governance, fit-and-proper, and key-personnel requirements. The framework governs venture capital, restricted, retail, special situation, and family investment schemes; ETFs; portfolio management services; and investment trusts. It imposes scheme-specific investor eligibility, investment, leverage, valuation, disclosure, contribution, custody, and governance obligations, supported by fair valuation, asset segregation, conflict-management, AML/CFT, record-keeping, cyber-resilience, risk-management, and investor-protection duties.

Bank employees affiliated with seven unions under the United Forum of Bank Unions undertook a one-day strike to press for implementation of a five-day banking week and resolution of pending employment-related demands. The unions maintained that the proposed workweek was a genuine working-condition measure rather than an attempt to reduce employee responsibilities. They proposed phased escalation, including a further multi-day strike and an indefinite strike, if the government and the Indian Banks' Association did not address the demands.

A direction to consider a representation seeking exemption from Social Welfare Surcharge requires examination of the assessment of Bills of Entry in light of the claimed exemption. It does not mandate that the exemption be granted. The representation must be decided in accordance with law, and consideration was required within six weeks. The clarification confines the operative effect of the direction to lawful consideration of the exemption claim rather than any predetermined entitlement to exemption.

For Part B applicable to NPOs, residual income is computed from total income determined without applying that Part, after deducting regular income and specified income. The resulting balance constitutes residual income for the NPO framework.