Some events in ical subscription displaying as floating despite having a timezone

I subscribe to a work calendar which contains many events in various timezones. Most of those events import and display correctly. But some, specifically events with a recurrence in "India Standard Time" display as a floating time zone; meaning they show up for me as if I was in India. This is true for all my devices (iMac, iPhone, etc).

Here's the ical of one such problematic event which is rendered as 10am (PST) for me despite being 9:30pm (IST):

BEGIN:VEVENT
DESCRIPTION:Redacted
UID:Redacted
RECURRENCE-ID;TZID=India Standard Time:20240311T213000
SUMMARY:Redacted
DTSTART;TZID=India Standard Time:20240311T213000
DTEND;TZID=India Standard Time:20240311T223000
CLASS:PUBLIC
PRIORITY:5
DTSTAMP:20240321T170602Z
TRANSP:OPAQUE
STATUS:CONFIRMED
SEQUENCE:0
LOCATION:Microsoft Teams Meeting
X-MICROSOFT-CDO-APPT-SEQUENCE:0
X-MICROSOFT-CDO-BUSYSTATUS:TENTATIVE
X-MICROSOFT-CDO-INTENDEDSTATUS:BUSY
X-MICROSOFT-CDO-ALLDAYEVENT:FALSE
X-MICROSOFT-CDO-IMPORTANCE:1
X-MICROSOFT-CDO-INSTTYPE:3
X-MICROSOFT-DONOTFORWARDMEETING:FALSE
X-MICROSOFT-DISALLOW-COUNTER:FALSE
X-MICROSOFT-REQUESTEDATTENDANCEMODE:DEFAULT
X-MICROSOFT-ISRESPONSEREQUESTED:FALSE
END:VEVENT
BEGIN:VEVENT