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flows, financial condition and prospects.

Unfavourable changes in or interpretations of existing, or the promulgation of new, laws, rules and
regulations including foreign investment laws governing our business, operations and group structure,
could result in us being deemed to be in contravention of such laws or may require us to apply for
additional approvals. We may incur increased costs and other burdens relating to compliance with such
new requirements, which may also require significant management time and other resources, and any
failure to comply may adversely affect our business, results of operations, cash flows, financial condition
and prospects. Uncertainty in the application, interpretation or implementation of any amendment to, or
change in, governing law, regulation or policy, including by reason of an absence, or a limited body, of
administrative or judicial precedent may be time consuming as well as costly for us to resolve and may
impact the viability of our current business or restrict our ability to grow our businesses in the future.

See “Key Regulations and Policies” on page 177.

If there is any change in taxation laws, or their interpretation, such changes may significantly affect
our business, results of operations, cash flows, financial condition and prospects.

Changes to Indian tax laws could have an effect on our operations. For instance, the Taxation Laws
(Amendment) Ordinance, 2019, a new tax ordinance issued by India’s Ministry of Finance on September
20, 2019, prescribed certain changes to the income tax rate applicable to companies in India. According
to this ordinance, companies can voluntarily opt in favour of a concessional tax regime (subject to no
other special benefits/exemptions being claimed), which would ultimately reduce the effective tax rate
for Indian companies from 34.94% to approximately 25.17%. Our Company and SVIL have opted for the
concessional regime, while ITSL has not opted for the concessional regime and continues to be subject to
other benefits and exemptions. Any future amendments to the concessional regime may affect our other
benefits such as exemption for income earned by way of dividend from investments in other domestic
companies and units of mutual funds, exemption for interest received in respect of tax free bonds, and
long-term capital gains on equity shares if withdrawn by the statute in the future, and the same may no
longer be available to us. Any adverse order passed by the appellate authorities, tribunals or courts would
have an effect on our profitability.

In addition, we are subject to tax related inquiries and claims. We may be particularly affected by claims
from tax authorities on account of income tax assessment, service tax and GST that combines taxes and
levies by the central and state governments into one unified rate of interest with effect from July 1, 2017.
In addition, the tax consequences of the General Anti-Avoidance Rules (“GAAR”), which came into
effect from April 1, 2017, being applied to an arrangement could result in denial of tax benefit amongst
other consequences. In the absence of any precedents on the subject, the application of these provisions is
uncertain and may or may not have an adverse tax impact on us. As a result, any such changes or
interpretations could have an adverse impact on our business, results of operations, cash flows, financial
condition and prospects. Further, the Finance Act, 2019 stipulates any sale, transfer and issue of
securities through exchanges, depositories or otherwise to be charged with stamp duty. The Finance Act,
2019 has also clarified that the liability to pay stamp duty in case of sale of securities through stock
exchanges will be on the buyer, while in other cases of transfer for consideration through a depository,
the onus will be on the transferor. The stamp duty for transfer of securities other than debentures, on a
delivery basis is specified at 0.015% and on a non-delivery basis is specified at 0.003% of the
consideration amount. As such, there is no certainty on the impact that the Finance Act, 2019 may have
on our business and operations.

Further, the Government of India has announced the union budget for the Fiscal 2022, pursuant to which
the Finance Bill, 2021 (“Finance Bill”) has introduced various amendments. The Finance Bill has
received assent from the President of India on March 28, 2021, and has been enacted as the Finance Act,
2021 (“Finance Act”). We have not fully determined the impact of these recent and proposed laws and
regulations on our business. We cannot predict whether any amendments made pursuant to the Finance
Act could have an adverse effect on our business, results of operations, cash flows, financial condition
and prospects. Unfavourable changes in or interpretations of existing, or the promulgation of new, laws,
rules and regulations including foreign investment and stamp duty laws governing our business and
operations could result in us being deemed to be in contravention of such laws and may require us to
apply for additional approvals.

We cannot predict whether any new tax laws or regulations impacting our services will be enacted, what
the nature and impact of the specific terms of any such laws or regulations will be or whether, if at all,

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