Admission of the central excise civil appeal was declined by the Supreme Court after hearing counsel for the Collector of Central Excise. The appeal was consequently dismissed at the admission stage. No substantive reasons, statutory interpretation, or determination of a central excise issue is stated. The dismissal records only refusal of admission, without a stated merits analysis.

The healthcare benefit option requires a separate Healthcare Sub-Account, segregated from main pension contributions, for subscribers who voluntarily elect the benefit. Prior regulatory approval is required, and contributions are subject to a maximum limit of ten percent of total contributions. Sub-account funds may be invested in low-risk, highly liquid instruments and used only for hospital expenses. They may be accessed before retirement for medical emergencies or planned healthcare expenses, while unused retirement balances may purchase health insurance or be rolled over into the main pension corpus.

Fit and proper status requires fairness and integrity, including financial integrity, good reputation and character, and honesty. Disqualifications include convictions or pending proceedings concerning economic offences, pending regulatory recovery proceedings, malfeasance orders, undischarged insolvency, active regulatory restraints, materially relevant regulatory orders, unsoundness of mind, financial unsoundness, wilful default, fugitive economic offender status, and other specified disqualifications.

Regulation 49 gives overriding effect to the International Financial Services Centres Authority (Pension Fund) Regulations, 2026 from commencement. Pension Fund Regulatory and Development Authority regulations do not apply to Authority-approved pension schemes insofar as they conflict with these regulations. Their application is preserved where no inconsistency exists.

Delegation of powers permits every power exercisable by the Authority under the Pension Fund Regulations to be exercised also by an officer when that power has been delegated to the officer. Exercise by an officer is contingent on delegation by the Authority and extends only to the delegated powers. The provision establishes an internal mechanism for authorised officers to exercise delegated regulatory powers.

Pension Funds must maintain a robust cyber security and cyber resilience framework conforming to requirements specified by the Authority from time to time. Compliance is responsive to evolving regulatory standards and links the adequacy of cyber security and resilience arrangements to prescribed requirements.

The Authority may issue directions, clarifications, guidance notes, or subsidiary instructions to address difficulties in the interpretation or application of the Pension Fund Regulations and support their consistent implementation.

Regulation 45 empowers the Authority to issue subsidiary instructions from time to time specifying norms, procedures, processes and additional requirements for implementing the Pension Fund Regulations and addressing matters incidental to their operation. This delegated procedural power permits supplementary directions concerning implementation and incidental matters, allowing the regulatory framework to be operationalised through specified norms, processes and requirements where needed.

The Authority may require information, documents or records from a Pension Fund, Trustee, Custodian, or any other person associated with the pension ecosystem in the International Financial Services Centre. This serves as a regulatory information-gathering mechanism for pension fund oversight.

The Authority may relax strict enforcement of regulatory provisions where this supports development of the pension ecosystem in an International Financial Services Centre, with reasons recorded in writing. Applicants must provide the details and grounds for relaxation and pay the specified non-refundable fee. Complete applications must be processed within sixty days of receipt or receipt of requested clarifications. Acceptance or refusal must be supported by written reasons.

Action may be initiated where a Pension Fund, Custodian, or person associated with pension-related activities in an International Financial Services Centre contravenes applicable regulatory requirements or subsidiary instructions. Before action is taken, the affected Pension Fund, Custodian, or other associated person must receive a reasonable opportunity to be heard through written submissions.

Inspection and investigation powers permit the Authority, on its own initiative or on information or complaint, to inspect records, documents, infrastructure, procedures and systems of pension funds, custodians, trustees, and other pension-ecosystem participants. The powers support compliance, subscriber protection, and other purposes considered appropriate, and include authority to conduct investigations.

Each Scheme's assets and liabilities must be valued daily at market prices using methodologies fully disclosed and documented by the Pension Fund. Net Asset Value per unit must be calculated and declared daily by deducting total liabilities from total asset value and dividing the balance by outstanding units. Valuation functions may be carried out by a valuer registered with the Insolvency and Bankruptcy Board of India or the Authority, or another person specified by the Authority.

Pension Funds must obtain prior approval before levying fees or charges on Subscribers. Charges may include account-opening charges, annual maintenance charges, investment-management fees calculated as a percentage of assets under management, and transaction charges. Complete details of all proposed fees and charges must be disclosed to Subscribers through the Scheme Information Document and other relevant documents.

Pension Funds must pay annual fees, Scheme Information Document filing fees, and any further fees specified by the Authority from time to time. The fee obligation covers identified annual and filing charges as well as additional Authority-specified charges.

Pension Funds must obtain the Authority's prior approval before any direct or indirect change in control. A Pension Fund operating in the form of a branch need only inform the Authority within fifteen days of the change where prior approval is required from its sectoral regulator in its principal place of operation.

Pension Funds must promote financial literacy among potential Subscribers and provide timely, accurate and comprehensive information on Scheme operations, investment risks, fee structures, and Subscribers' rights and responsibilities. Key educational materials, performance disclosures and Scheme details must be available to every Subscriber in a readily accessible, clear and easily understandable form.

A Pension Fund may engage distributors to market, solicit, or service Subscribers, but remains fully and solely responsible for each distributor's conduct, compliance, and activities. The Pension Fund must ensure that engaged distributors comply with applicable regulations and directions issued by the Authority.

Trustees and their directors, officers and governing-body members must act in a fiduciary capacity solely for Subscribers' benefit and protect and enhance superannuation benefits. They must apply reasonable care, diligence, skill and prudence, prioritise Subscribers' interests in actual or potential conflicts, and ensure that Scheme administration complies with the Scheme Information Document, trust deed, applicable pension regulations, subsidiary instructions and other applicable laws.

Trustee appointment eligibility requires independence from the Pension Fund, authorisation or registration to act as trustee, and adequate infrastructure, manpower and related resources. The proposed Trustee must have sufficient operational capacity to discharge its functions and obligations.