Ifsc regulations Kanungo) Principal Chief General Manager Published in the Official Gazette of Jun 12, 2024 · Ans. The BATF Regulations were notified following the Government of India's notification 28. The former entity (Finance Company) is incorporated separately, while the latter (Finance Unit) is established as a branch under the regulations. an average consolidated pre-tax profit, of at least USD one million during the preceding three financial years, and Feb 10, 2025 · (2) An entity operating as a branch shall at all times comply with the minimum net worth requirements specified in these regulations for its activities in IFSC which may be maintained at the level of the parent entity, and the parent entity shall ensure that adequate funds are available for the day-to-day operations of the branch. notified as Recognized stock exchange: 30/04/2024: Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2024: 30/04/2024: Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2024 (1) These Regulations may be called the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. Rules and regulations to be laid before Parliament. R. The Reserve Bank has issued a notification under FEMA vide Notification No. Nov 10, 2023 · What are the benefits for Funds registered in IFSC? FMEs registered under IFSC regulations will enjoy various benefits listed below: 1. 1 IRDAI/ RI/ GDUMISC/ 012/ 01/ 2019, dated 16 January, 2019 2 May 7, 2021 · The said regulations bifurcates the entities allowed to conduct business in IFSC as; i) Finance Company, ii) Finance Unit. Regulations, 2022 and to notify the reviewed Regulations. Nov 8, 2021 · Even the IFSCA has specifically required compliance with the Cape Town Convention and Protocol under the Finance Company Regulations. These measures ensure that IFSC banking units maintain financial discipline, manage risks effectively, and contribute to the growth of India’s financial sector. 32. This article explores the key modifications that have come into force and how they would IFSC (Banking) Regulations, 2020 – Prudential Regulatory Requirements (last updated on February 19, 2021) 20201211 11/12/2020 Circular Management) Regulations, 2022 Disclaimer: These FAQs are not the interpretation of law but provide only a simplistic explanation of operations / processes / issues / terms / concepts related to IFSCA (Fund Management) Regulations, 2022. Jun 23, 2023 · Setting up IFSC entities at GIFT City, Gujarat: Incorp can help to setup IFSC units at GIFT City within the regulatory framework. A few weeks later, the IWGA also accepted the IFSC, confirming climbing’s place in the 2009 Kaoshiung World Games. Further, the recent amendments to SEBI (Foreign Portfolio Investors) Regulations, 201911, SEBI Circular dated June 27, 202412 and IFSCA Circular 11 SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024 (URL - https://shorturl. 31. These updates aim to align IFSC regulations with global standards, enhance operational transparency, and simplify compliance for market participants. In order to have direct oversight over the fund manager and in line Date Title View Download; 30/08/2006: The Government Securities Act, 2006: 23/06/2005: The Credit Information Companies (Regulation) Act, 2005: 20/09/1972 categories specified in regulation 3(4) of the IFSCA (Fund Management) Regulations, 2022 (“Regulations”), for undertaking the business of fund management in an International Financial Services Centre (IFSC). Botswana Investment And . Listing Obligations and Disclosure Requirements under IFSC Regulations Major compliances under Chapter XII of IFSCA Regulations are highlighted below: International Financial Services Centres Authority introduced the International Financial Services Centres Authority (Finance Company) Regulations, 2021 (Regulations) for setting up a Finance Company under the International Financial Services Centres in India. Further, subsequent amendments, if any, in PMS Regulations, Sep 25, 2024 · IFSCA had issued the IFSCA (Issuance and Listing of Securities) Regulations, 2021 (“2021 Listing Regulations”), for the listing of securities by issuers in the IFSC. Screen Reader. Nov 18, 2021 · In a bid to align the eligibility criteria of FPIs under the SEBI (Foreign Portfolio Investor) Regulations, 2019 (“FPI Regulations”), with the RBI Circular, SEBI has recently amended the FPI Regulations to permit AIFs in IFSC, with mandatory sponsor commitment from resident managers/ sponsors (other than individuals), to seek registration May 10, 2021 · The Regulations on functioning of finance companies in an IFSC are aimed at further strengthening the financial ecosystem in the IFSC by promoting participation of non-banking financial institutions alongside the banking units and provide opportunities to non-banking financial institutions to set up units in the IFSC to undertake a wide range Feb 26, 2025 · The Debt Market at IFSC: Key Insights & Trends (2024-2025) Income Received in GIFT IFSC: Taxed in India? An Anomaly Worth Noticing IFSCA Set to Streamline Ancillary and TechFin Services Framework! How Foreign Companies Can Enter India via GIFT City IFSC What is the IFSCA? Everything You Need to Know The Statutes and By-laws, as well as the regulations of the new International Federation, were unanimously adopted . S. 2(1)(e) of FC Regulations] Finance Unit [as per reg. (1) In these regulations, unless the context otherwise requires, ─ An AIF in IFSC is permitted to make investments in securities listed on the IFSC, issued by companies incorporated in IFSC/India/foreign jurisdiction, units of other AIFs and other permissible investments as per SEBI (Alternative Investment Funds) Regulations, 2012. Feb 17, 2025 · Understanding differences within the levels of forex broker regulations can help you choose the right broker for your finances. 2(1)(f) of FC Regulations] “2(1)(e). 2 Public Offerings through IFSC Stock Exchanges The Regulations enable IPOs of securities through IFSC Stock Exchanges by issuers who have: a. Feb 20, 2025 · The International Financial Services Centres Authority (IFSCA) on 19 February 2025, has notified the updated IFSCA (Fund Management) Regulations, 2022. Securities and Exchange Board of India is made for protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto Aug 20, 2024 · The International Financial Services Centres Authority (“IFSC Authority”) released a consultation paper on August 5, 2024 (“Consultation Paper”), proposing a host of amendments to the IFSCA (Fund Management) Regulations, 2022 (“FM Regulations”). Mar 26, 2025 · Specified funds, including retail schemes and Exchange Traded Funds (ETFs), must now comply with IFSC regulations to qualify for tax exemptions. Section 3(9) of the Regulations permit a Banking company incorporated in India or outside India to set up Representative Offices (ROs) in IFSC. Jun 11, 2024 · These Regulations aim to put the regulatory framework relating to development, registration and operations of Book-keeping, Accounting, Taxation and Financial Crime Compliance Services from International Financial Services Centres (‘IFSC’). 1. In the event of any inconsistency or contradiction between these Electoral Regulations and the IFSC Statutes, the IFSC Statutes shall prevail. Regulations, 2022 (“FME Regulations”) were notified in April 2022. (2). Definitions (1) In these regulations, unless the context otherwise requires, - categories specified in regulation 3(4) of the IFSCA (Fund Management) Regulations, 2022 (“Regulations”), for undertaking the business of fund management in an International Financial Services Centre (IFSC). iii. Compliance with post listing norms under IFSC Regulations to be adhered to. They shall come into force from the date of their publication in the Official Gazette. Power to remove difficulties. Venture Capital Fund Regulations. 34. [ 18 ] On December 7, 2020, the IFSCA signed an MoU with the Abu Dhabi Global Market (ADGM) to promote and develop the financial services industry in their respective jurisdictions. 28-07-2016: IRDAI Staff (Officers And Other Employees) Regulations, 2016 Regulations, 2022 (“FME Regulations”) were notified in April 2022. “Finance Company” refers to a financial institution, as defined under clause (c) of sub­section (1) of section 3 of the IFSCA Act, 2019 (Act), separately incorporated in IFSC for the purpose of undertaking one or more permissible activities specified under sub-regulation (1) of regulation 5 of the FC Regulations, provided: About IFSCA International Financial Services Centres Authority. History and Background. h) Furtherpowers of the Authority Foreign Exchange Management (International Financial Services Centre) Regulations, 2015. These regulations may be called the International Financial Services Centres Authority (Finance Company) Regulations, 2021. Mar 27, 2025 · The Authority also approved a transition to IFSCA (Fund Management) Regulations, 2025, granting a one-time extension for expired private placement memoranda under specific conditions. Most Jul 12, 2024 · According to the provisions set out in the IFSC (FM) Regulations, 2022 or FM Regulations, any entity intending to undertake fund management activities within the purview of the IFSC shall compulsorily register itself as a Fund Management Entity (FME) in accordance with the requirements laid down by the regulations. Directorate General of Civil Aviation (DGCA) exempted IFSC-based Aircraft leasing units from any approval/NOC for import/acquisition of the Aircraft Directorate General of Civil Aviation (DGCA) Air Transport Circular No. These avenues include extant structures such as initial public offerings ( IPOs ), follow-on public offerings ( FPOs ), preferential issues, rights issues, issuance of depository 5. Regulations to AIFs in IFSC; (ii) AIFs in IFSC are permitted to borrow money or engage in leveraging activities with appropriate disclosures and post investor approval; (iii) Indian entities permitted to be sponsor of AIFs in IFSC without obtaining prior RBI approval; (iv) No restriction on overseas investment for IFSC AIFs unlike Nov 23, 2023 · The FAQs on the Registration of Fund Management Entities (FMEs) and Authorization of Schemes or Funds under IFSCA (Fund Management) Regulations, 2022 provide comprehensive guidance for entities seeking registration and authorization within the International Financial Services Centres Authority (IFSCA) framework. Investment Opportunities. Although Regulation 6 of the 2021 Listing Regulations provides that Indian companies are eligible to list their securities under the general eligibility criteria, it does not Apr 18, 2024 · Given that the PS Regulations provides an opportunity for payment service providers registered with the Reserve Bank of India to set up their presence in IFSC through its subsidiary/ group company, it becomes imperative for proposed applicants to assess pertinent provisions of foreign exchange regulations during the structuring phase. r. FAQs on IFSC Insurance Office: 28/03/2025: SEZ Compliance FAQs Booklet: 28/02/2024: FAQs on IFSCA (Payment Services) Regulations, 2024: 27/09/2023: FAQs on 'Guidance framework on Sustainable and Sustainability linked lending by Financial Institutions' (SL Framework) dated April 26, 2022: 24/01/2024 Jan 30, 2024 · Offshore Funds – both global and/or India centric pooling vehicles may be set up in IFSC. While easing compliance for FMEs, the new regulations also implement stronger safeguards for investor protection, marking a positive step in GIFT May 4, 2022 · Against this backdrop, GICs have also been evaluating a move to IFSC. These regulations aim to position GIFT IFSC as a On September 1, 2020, the IFSCA issued the IFSCA (Insurance) Regulations, 2020, for regulating the insurance sector in the IFSC. info-desk[at]ifsca(. 1 These Electoral Regulations regulate the organisation of elections in the IFSC General Assembly for all aspects not expressly provided for by the IFSC Statutes. Commercial banks are allowed to open IBUs within IFSC, which are deemed as overseas branches. Regulation 3 (1-A) relating to A Banking unit setting up in an IFSC as an • IFSC Banking Unit • IFSC Banking Company (1). The flexibility is granted to the GIFT IFSC units to select any 10 consecutive years from within the 15-year block. The Authority noted that the Fund Management industry in IFSC has grown at a healthy pace and the proposal for review of the Regulations is based on the experience gained and feedback received from market participants through exhaustive consultation process undertaken by IFSCA. This will provide them with the flexibility to provide services, closely aligned to their strategy and business intention, from the IFSC. 02/03/2015. It is divided into 12 chapters and covers various aspects of asset management such as AIFs, portfolio management, mutual funds, exchange traded funds, environment and social governance, investments trusts (both infrastructure investment trusts and real estate Aug 20, 2024 · 4. e. As per Regulation 5 of FEMA Regulations read with Section 1(3) of FEMA, 1999 all other regulations framed under FEMA are not applicable to the IFSC in case the activities are carried with in the IFSC and subject to these FEMA Regulations. )in Centre) Regulations, 2015 (“FEMA IFSC Regulations”), a financial institution includes (i) a company, (ii) a firm, (iii) an association of persons or a body of individuals, whether incorporated or not, or (iv) any artificial juridical person, not falling within any of the preceding categories IFSC (Banking) Regulations, 2020 – Directions for implementation – Use of Electronic Trading Platforms (ETP) and Brokers 20210129 29/01/2021 Public Comments Nov 26, 2018 · Securities and Exchange Board of India is made for protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto 2024_IFSC_Organisational_Regulations_CC_v8 Page 3 3. Aug 9, 2021 · The SEBI (IFSC) Guidelines, 2015 read with the Operating Guidelines, and the Foreign Exchange Management (IFSC) Regulations, 2015 are the primary sources of regulation for AIFs in an IFSC. 2. SEBI (Portfolio Managers) Regulations, 2020 (‘PMS Regulations') All provisions of the PMS Regulations, the guidelines and circulars issued thereunder, shall apply mutatis mutandis to Portfolio Managers setting up/ operating in IFSC subject to these operating guidelines. t the principles and eligibility criteria for issuer, specific eligibility criteria for IPO, procedural requirements in case of an entity freshly listing on IFSC exchanges (Chapters I, II, III) and also norms for secondary listing of specified securities (Chapter V). (B. 2 IFSC Company Certification 109 110 110 9. BATF Service Provider means any entity registered under these Regulations to undertake the following: Mar 12, 2021 · The FEM (IFSC) Regulations also provide that nothing contained in any other regulations shall apply to a financial institution or branch of a financial institution set up in IFSC 11 and therefore a transaction between a financial unit established in IFSC and a resident Indian will be treated as a transaction between resident and non- resident Jul 16, 2021 · An issuer shall be eligible to list its securities under these regulations in IFSC only if, – (a) the issuer is duly incorporated or established according to the relevant laws of its place of incorporation or establishment; (b) the issuer is operating in conformity with its constitution; and Mar 12, 2021 · IFSCA Banking Regulations also repealed and superseded the "Scheme for setting up of IFSC Banking Units" dated April 01, 2015. The notes and guidance to these regulations may be updated more frequently to incorporate experience from individual events. ANNEX II. So far approx. FEMA. The New Listing Regulations have been drafted to give an impetus to listing of equity India Inx-India International Exchange IFSC Ltd. Funds incorporated in GIFT IFSC are permitted to invest in the following securities (which may not be allowed to Funds operating out of India): Securities Listed in GIFT IFSC 5 days ago · The Financial Services Commission (FSC) of Belize ensures financial sector security, transparency, and compliance with local and international standards. 89 schemes have been launched in IFSC; The new fund management regulations enables IFSC to compete well globally with other popular fund havens such as Cayman Islands, Mauritius, Luxembourg, Singapore etc Exchange Control Regulations Units within the GIFT IFSC are exempt from Indian exchange control regulations, thereby simplifying financial transactions. 15. Net worth requirement Jun 6, 2024 · Given that most regulations in IFSC are light touch and drafted with the intent of providing “ease of doing business” to the stakeholders, our understanding of what qualifies as “support services” will depend on the nature of the GIC’s operations, considering different entities in the financial services sector require different kinds All Finance Companies’ in the International Financial Services Centre (IFSC) Subject: Guidelines on Corporate Governance and Disclosure Requirements for a Finance Company Reference is drawn to the International Financial Services Centres Authority (Finance Company) Regulations, 2021 (hereinafter referred to as ‘Regulations’), notified Feb 20, 2025 · With a view to improve the ease of business for fund managers, the IFSCA (Fund Management) Regulations, 2025 has been notified by the IFSC Authority. Date Title View Download; 30/08/2006: The Government Securities Act, 2006: 23/06/2005: The Credit Information Companies (Regulation) Act, 2005: 20/09/1972 (1). Jan 29, 2025 · Key Highlights of the Notification 1. BUs shall provide adequate resources, including in infrastructure and manpower, on an 1 Please note the FME Regulations provide a comprehensive framework for the regulation of asset management industry in the IFSC. 339/2015/RB dated March 02, 2015 setting out RBI regulations relating to financial institutions set up in International Financial Services Centres (IFSC). Capital Gains Tax Exemptions Transfers of specified securities listed on the GIFT IFSC exchanges by non-residents are exempt from capital gains tax. IFSC Electoral Regulations. Abbreviations . BUs operating at IFSC on the basis of license issued by the Reserve Bank of India before the date of issue of this circular, shall be deemed to have satisfied the requirements of Section 3(1) of the IFSC (Banking) Regulations, 2020. IFSC Nomination 2nd & 3rd Floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar, Gujarat - 382 355 + 91-79- 6180-9800 . Definitions 2. THE FIRST SCHEDULE THE SECOND SCHEDULE Centres) Regulations, 2020 On October 16, 2020, Government of India, on the recommendation of IFSCA, had notified Global In-House Centres (GIC) as financial service to provide services relating to financial Valuation of Assets of Schemes under IFSCA (Fund Management) Regulations 2022 by Credit Rating Agencies at IFSC : 3: 02/05/2024: Facilitating investments by NRIs and OCIs into Indian securities through Schemes / Funds in an IFSC : 4: 05/04/2024: Ease of doing business - Filing of Schemes or funds under IFSCA (Fund Management) Regulations 2022 May 5, 2022 · 1 Please note the FME Regulations provide a comprehensive framework for the regulation of asset management industry in the IFSC. At present, the IFSCA (Banking) Regulations, 2020 (‘Banking Regulations’) govern the IFSC Banking Units (‘IBU’). In order to have direct oversight over the fund manager and in line 2[(c) “IFSC Banking Unit” or “Banking Unit” means a financial institution under clause (c) of sub-section (1) of Section 3 of the Act that is licensed by the Authority to undertake permissible activities under these regulations;] Cup or Cup Series refers to an annual competition series authorised by the IFSC (or a subordinate continental council of the IFSC) in any of the Boulder, Lead and Speed Disciplines and listed on the calendar of events published by the IFSC. 17. • The FME regulations provide a comprehensive regulatory framework for 5. The salient features of the proposed Listing Regulations are as follows: A. The FM Regulations have introduced a new opportunity for foreign residents, including non-resident Indians, and their entities to establish investment entities in India without the need to comply with the FDI policy and Indian foreign exchange laws. Accessibility Options. It is divided into 12 chapters and covers various aspects of asset management such as AIFs, portfolio management, mutual funds, exchange traded funds, environment and social governance, investments trusts (both infrastructure investment trusts and real estate Regulations, 2022. Jun 28, 2024 · The prudential norms encompass liquidity ratios, leverage ratios, exposure ceilings, and currency regulations. Short Description Last Updated Sub Title Reference No Documents; HR Notification. 1 6. ­ Contribution to investment fund or vehicle in IFSC considered as OPI. 2 Management of Finances 3. The publication of the FM Regulations 2025 in official gazette today marks the culmination of this review exercise. The IFSC Regulations are specifically designed to oversee the registration and GIFT IFSC offers 100% income tax exemption for a period of 10 out of 15 years. (2) They shall come into force on the date of their publication in the Official Gazette. (1) These regulations shall be called the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Find events calendar, all past and future results, ranking, IFSC news, photos, videos. Tasked with developing and regulating the financial services market within IFSCs, the IFSCA has since introduced a suite of rules and regulations, such as the International Financial Services Centres Authority (Fund Management) Regulations, 2022 (IFSC Regulations). Scheme for setting up of IFSC Banking Units (IBU) by foreign banks already having a presence in India. Trade Centre 111 114. This ensures alignment with regulatory standards. • Subsidiary company meaning a company that satisfies the definition u/s 2(87) of the Companies Act, 2013. (2) These regulations shall come into force on the thirtieth day from the date of its publication in the Official Gazette. Unless otherwise stated Sep 12, 2022 · Taxability of AIFs set up in IFSC: The FME Regulations provide that the respective schemes may be construed as Category I/ II/ III AIF under the Income-tax Act, 1961 (“ITA”). P. 218 (E) dated March 2 to replace the existing IFSCA (Issuance and Listing of Securities) Regulations, 2021 with the New Listing Regulations. 5. Section 47(viiad): Tax-neutral relocation of funds Retail schemes and ETFs regulated under IFSC Fund Management Regulations are now classified as 7. , the IFSCA. The IFSC Authority has clarified that to bolster GIFT City’s evolution into a more 1 International Financial Services Centres Authority (Payment Services) Regulations, 20241 [As amended upto 2nd April, 2024] In exercise of the powers conferred by sub-section (1) of Section 12 read with sub-section 1 of section 28 May 13, 2025 · New CMI Regulations clarify that minimum net-worth requirement shall now be separate and in addition to the minimum net worth requirements applicable for other activities outside IFSC or within IFSC under any other regulations or framework. G. ] Dec 4, 2018 · The points to note however are: (i) unlike an offshore vehicle which can invest part of its capital in a non-IFSC AIF and part directly into portfolio companies, an IFSC AIF (Fund of Funds) will be required to invest its entire capital in the non-IFSC AIF; and (ii) all other restrictions that apply to AIFs under the AIF Regulations, will apply Aug 13, 2024 · The International Financial Services Centres Authority (IFSCA) has introduced new regulations, effective June 6, 2024, to create a regulatory framework for bookkeeping, accounting, taxation, and financial crime compliance services within IFSCs. Salient features of the New Listing Regulations. The information has been updated till October 31, 2023. • The primary objective behind the introduction of FME Regulations was to oversee and regulate the fund managers operating within the IFSC, rather than directly regulating the funds established within it. The FM Regulations become effective on 19 May 2022 (Effective Date). Scope and Applicability 4. Applicability: (1) An IIO incorporated in an IFSC shall undertake investment of assets in accordance with the provisions of these regulations; (2) An IIO not incorporated in an IFSC may either chose to follow norms related to Title: Microsoft Word - Final Circular - AIF Author: DELL Created Date: 12/9/2020 7:02:29 PM the fund management industry in IFSC and add another dimension to its growth. This will enable them to setup an entity in IFSC, and function under the purview of an umbrella regulator, i. Mar 13, 2023 · To promote the setup of family investment funds in IFSC, the IFSCA, vide a circular dated March 01, 2023, has provided certain relaxations with respect to Family Investment Funds under the IFSCA (Fund Management) Regulations, 2022 (“FM Regulations”). SNAPSHOT OF THE FM REGULATIONS . • The FME regulations provide a comprehensive regulatory framework for International Financial Services Centres Authority As per Foreign Exchange Management (IFSC) Regulations, 2015, any financial institution or branch of a financial institution set up in the IFSC and permitted/recognised as such by the Government of India or a Regulatory Authority shall be treated as a person resident outside India. In fact, from an IFSC perspective, for a transaction between an IFSC based lessor and an Indian operating lessee, we note that India has not acceded to Article 50(1) of Cape Town Convention, which provides that a Apr 5, 2024 · ii. (K) Meaning for IFSC Insurance Office Investment (IOI) Regulations, 2022 167. Finance Companies means a financial institution as defined under clause (c) of subsection (1) of section 3 of the Act, separately incorporated to deal in one or more of the permissible activities specified under sub-regulation (1) of regulation 5 of these regulations Jan 16, 2019 · g) ForeignExchange Requirements - All applicants shall comply with extantForeign Exchange Management (IFSC) Regulations, 2015 or any other correspondingcircular guidelines issued by RBI, from time to time, in the matter ofcurrency transactions in IFSC and any other laws as applicable to SEZs. Typical structure of an AIF in IFSC Nov 29, 2022 · Finance Company [as per reg. 2. AIF Regulations prohibit CAT I/II AIFs from investing more than 25%, and 10% for CAT III, of their investible funds in one company. The New Listing Regulations have been drafted to give an impetus to listing of equity instruments (primarily by unlisted Indian companies as well as foreign companies), bonds and other permitted financial products on the stock exchanges in the IFSC. (1) In these regulations, unless the context otherwise requires, ─ Guideline on manner of determining net worth for individuals under IFSCA Banking Regulations: 11/12/2020: IFSC (Banking) Regulations, 2020 – Prudential Regulatory Requirements (last updated on February 19, 2021) 11/12/2020: Membership of stock exchanges and clearing corporations in IFSC by foreign entities: 11/11/2021 Sep 13, 2024 · The Regulations provide for various avenues to access capital markets through IFSC Stock Exchanges (including those which are prevalent in international markets). Overriding effect. The FM Regulations, , inter alia Regulations) have been notified in the official gazette on June 6, 2024. 1 Continental Councils may request to have a dedicated bank account under the IFSC to manage financial up an IFSC in India, exchange control regulations, tax regime, exemptions, and IFSCA’s role in regulating financial institutions. Jan 19, 2024 · FIF in IFSC by non-residents. Under clause (23FB) of section 10 of the Income-tax Act, 1961, the rules now recognize Venture Capital Funds established in International Financial Services Centres (IFSCs) as Category I Alternative Investment Funds. Savings. Power to make regulations. Subject to the provisions of Section 1(3) of the Act, and save as otherwise provided in these Regulations or any other Regulations or directed by the Reserve Bank of India from time to time, nothing contained in any other regulations shall apply to a financial institution or branch of a financial institution set up in an IFSC. For operating as an AIF, a fund is required to procure registration from the IFSC Authority (as set up under the IFSC Authority Act, 2019). For instance, a registered FME, intending to undertake the activities of a distributor, will now be 6[(eb) “IFSC Banking Company” or “IBC” means a Banking Unit licensed or permitted by the Authority to operate in an IFSC as a subsidiary company of the Parent Bank. 29. The ITA accords a Securities and Exchange Board of India IFSC AIF is permitted to make investments without having to comply with the diversification requirements provided under the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). Extending SEBI LODR obligations to unlisted public companies getting listed on IFSC will be unreasonable. Jan 25, 2024 · The IFSC Regulations provide the general conditions w. (2) They shall come into force from the date of their publication in the Official Gazette. 1 Jul 31, 2023 · Securities and Exchange Board of India is made for protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto This is a welcome move that will promote the growth of the insurance intermediary business in the IFSC. Goods and Services Tax (GST) & Customs Exemption Units within the GIFT IFSC, as well as services provided to the GIFT IFSC / SEZ units and 1. The competitive tax and regulatory regime in the IFSC will encourage both foreign and Indian Insurance Intermediaries to set up their business in the IFSC. 4. The Authority in its meeting held on June 27, 2024 approved the New Listing Regulations. Key provisions of the regulation include a a. )gov(. Most 2[(c) “IFSC Banking Unit” or “Banking Unit” means a financial institution under clause (c) of sub-section (1) of Section 3 of the Act that is licensed by the Authority to undertake permissible activities under these regulations;] However, an existing company or LLP in the IFSC shall not be required to form a separate company or LLP to provide portfolio management services. Dec 11, 2024 · 100% IIOs are required to ensure that 100% issued policies’ records + claims made + re-insurance’ business records are held in data’s centres located + also maintained (all) in India under Regulation 4(3) of MIR Regulations. As the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination within the financial sector, the IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide world class regulatory environment. c) The obligation to ensure that the branch complies with the Existing Regulations, SEBI IFSC Guidelines, and circulars issued thereunder, shall be on the parent entity. While easing compliance for FMEs, the new regulations also implement stronger safeguards for investor protection, marking a positive step in GIFT Apr 7, 2025 · The FM Regulations 2025 introduce investor-friendly measures, reduced entry barriers, and increased operational flexibility, supporting the continued growth of GIFT-IFSC’s fund management industry. It aims to help businesses gain a complete understanding of all aspects before investing in or operating from IFSC GIFT City, and discusses the challenges and opportunities that lie ahead Company) Regulations, 2021 (“FC Regulations”). Small Text The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. Transfers of specified securities Jul 12, 2024 · According to the provisions set out in the IFSC (FM) Regulations, 2022 or FM Regulations, any entity intending to undertake fund management activities within the purview of the IFSC shall compulsorily register itself as a Fund Management Entity (FME) in accordance with the requirements laid down by the regulations. AGOA African Growth Opportunity Act ASYCUDA Automated Company) Regulations, 2021 (“FC Regulations”). IFSCA Circular on AIFs in IFSC Mar 22, 2024 · Gujarat International Fin-Tech City (GIFT City), acknowledged as an International Financial Services Centre (IFSC) since 2015, has marked a significant milestone with the introduction of the Fund Management Regulations by the International Financial Services Centres Authority (IFSCA) in April 2022. May 12, 2022 · The Listing Regulations inter alia provide for the regulation of initial and follow-on public offers by Indian and foreign issuers for the issue of both equity and debt securities on IFSC's recognised stock exchanges including listing obligations and disclosure requirements along with special provisions for listing by special purpose . Section 3(8) of the Regulations permits the Banking Company to establish only one IBU in each IFSC and in the form of a branch of the Banking Company. In case of any disparity between these FAQs and the provisions of relevant Acts/regulations/rules, the latter shall prevail. Proposed Listing Regulations 3. Salient features of the New Listing Regulations 5. III. The FM Regulations seek to provide a comprehensive regulatory framework for all activities related to fund management in the IFSC, including management of managed accounts. Based on the comments received during the consultation paper and benchmarking with the global practices, the proposed Regulations have been revised. The Ministry of Finance (Department of Economic Affairs) and the Reserve Bank of India (“RBI”) respectively released the Foreign Exchange Management (Overseas Investment) Rules, 2022 (“OI Rules”) 1 and the Foreign Exchange Management (Overseas Investment) Regulations, 2022 Nov 25, 2022 · As discussed earlier, the powers of the RBI now vest with the IFSCA in so far as it relates to the regulation of the financial products, financial services or financial institutions, in the IFSC. Bigger Text. IFSC Eligibility Criteria. Cups and Cup events may carry the following additional designations: Feb 20, 2025 · The Authority in its meeting held on December 19, 2024 approved the proposal on review of IFSCA (Fund Management) Regulations, 2022 and to notify the reviewed Regulations. Amendment to certain enactments. Profit track record not required. Objective: These Regulations aim to put in place the process of registration and Special Economic Zone Rules, 2006 (“SEZ Rules”) and the regulations made thereunder and has also notified this zone as India’s first IFSC followed by various regulations issued by competent authorities to operationalise the same. 02/2017 Laws and Regulations in Dubai International Financial Centre (DIFC) DIFC’s unique legal and regulatory framework is based on international standards and principles of common law that is tailored to the region's unique needs, creating the optimal environment for financial services and related industries and services to grow. At present, the GIFT IFSC is the maiden international financial services centre in India. Power to modify provisions of other enactments in relation to International Financial Services Centres. These includes selection of appropriate structure, incorporation of the entity, services from identification of office space to incorporation of units and advice on different services offered by IFSCA Authority. What is the aim of setting up an IFSC in India? guidelines for funds. IFSCA is a statutory authority that regulates and develops the International Financial Services Centres (IFSCs) in India. December 4, 2020, issued after notification of the IFSC (Banking) Regulations, 2020: a) IFSC (Banking) Regulation, 2020 – Directions for implementation b) OTC Derivatives at IFSCs c) IFSCA (Deposits) Directions, 2020 d) Directions on business in foreign currency at IFSCs 2. an operating revenue of at least USD 20 million in the preceding financial year, and b. On April 28th, 2007, the AGFIS General Meeting accepted the IFSC as a new member. Definitions (1) In these regulations, unless the context otherwise requires, - Nov 11, 2020 · The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. Jul 12, 2023 · • Specified foreign currency meaning currencies specified in the First Schedule to these regulations. Official website of the International Federation of Sport Climbing. CHANGES TO THESE REGULATIONS The IFSC plans to publish these regulations in stable form on a biennial basis. NOTES ON THESE REGULATIONS The IFSC publishes these regulations in English. at/AHvd1) Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 [Last amended on February 07, 2023] provided in these Regulations or any other Regulations or directed by the Reserve Bank of India from time to time, nothing contained in any other regulations shall apply to a financial institution or branch of a financial institution set up in an IFSC. Sep 21, 2022 · September 21, 2022 New Overseas Investment Regulations: Fillip in the right direction! I. in . 11 It further mandated IBUs operating in IFSC prior to IFSCA Banking Regulations to comply with additional requirement within three months from date of notification the said regulations. The BATF regulations establish a comprehensive regulatory framework for providing book-keeping, accounting, taxation, and financial crime compliance services from the IFSC. gov. on the proposed Listing Regulations. Find the latest regulations, circulars, public comments and consultations on IFSCA's website. For Objectives of IOI • The launch of the IFSC at GIFT City is the first step towards bringing financial services transactions relatable to India, back to Indian shores • IFSC unit is treated as a non-resident under extant Foreign Exchange Management regulations Definition and establishment of IFSC in India Features and objective of establishment of GIFT IFSC Management (International Financial Services Centre) Regulations, 2015 setting out RBI regulations relating to financial institutions set up in International Financial Services Centres (IFSC). Banking constitutes one of the major focus areas of IFSC and is expected to drive and facilitate the other constituent operations in the IFSC in due course. or insurance) permitted to make ODI in IFSC. ­ Resident Individual may make ODI including in the FS entity (except insurance and banking) in the IFSC if it does not have subsidiary or SDS outside IFSC where the Resident Individual has control Apr 7, 2025 · The FM Regulations 2025 introduce investor-friendly measures, reduced entry barriers, and increased operational flexibility, supporting the continued growth of GIFT-IFSC’s fund management industry. 30. Level 1: Top-Tier Regulators – The Gold Standard This Forex broker Apr 11, 2024 · IFSC Payment Regulations lays down procedures essential for regulation of a payment system in the IFSC and covers several key aspects that are silent in the PSS Act, which are detailed below. Any queries about the FC Regulations may be addressed to financecomp-queries@ifsca. 33. (ec) “IFSC Banking Unit” or “IBU” means a Banking Unit licensed or permitted by the Authority to operate in an IFSC as a branch of the Parent Bank. These regulations have been published in the Official Gazette of Government of India on March 23, 2015 vide Notification No. ccknf bbhskww ikj viwaasgo dduu pmprjqt rosgp acsik ssw goi