Ifsc regulations Objective: These Regulations aim to put in place the process of registration and Regulations, 2022. Power to remove difficulties. For instance, a registered FME, intending to undertake the activities of a distributor, will now be Foreign Exchange Management (International Financial Services Centre) Regulations, 2015. Mar 27, 2015 · 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 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. 33. They shall come into force from the date of their publication in the Official Gazette. In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following regulations relating to financial institutions set up in International Financial Services Centres, namely:-1. Key Points: 1. 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 Compliance with post listing norms under IFSC Regulations to be adhered to. (2) They shall come into force from the date of their publication in the Official Gazette. Bigger Text. (2) These regulations shall come into force on the thirtieth day from the date of its publication in the Official Gazette. 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. Trilegal provides insights into the legal framework and its implications for businesses. Amendment to certain enactments. (2) They shall come into force on the date of their publication in the Official Gazette. Savings. These regulations aim to ensure consistency in KYC practices, promote transparency and accountability, and facilitate real-time data availability. 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. The FM Regulations become effective on 19 May 2022 (Effective Date). Salient features of the New Listing Regulations. Listing Obligations and Disclosure Requirements under IFSC Regulations Major compliances under Chapter XII of IFSCA Regulations are highlighted below: The setting up of a Banking Unit requires a license from the IFSC Authority under these regulations, which can be granted to both Indian and Foreign banks provided (1) These regulations shall be called the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Aug 19, 2020 · ISFC is a program intended to be a short-term placement (approximately 12-18 month to complete the goals outlines in their Needs and Services Plan) intervention to stabilize youth placed in home settings by providing intensive supports, services and interventions. The IFSC Authority has clarified that to bolster GIFT City’s evolution into a more 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. Snapshot of fund regime in IFSC. IFSCA is a statutory authority that regulates and develops the International Financial Services Centres (IFSCs) in India. Overriding effect. Find the latest regulations, circulars, public comments and consultations on IFSCA's website. Salient features of the New Listing Regulations 5. (K) Meaning for IFSC Insurance Office Investment (IOI) Regulations, 2022 167. 31. 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 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. Definitions 2. Key Points: 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. Transfers of specified securities Feb 7, 2023 · Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 [Last amended on February 07, 2023] May 7, 2021 · The said regulations bifurcates the entities allowed to conduct business in IFSC as; i) Finance Company, ii) Finance Unit. The FM Regulations, , inter alia Nov 29, 2022 · Finance Company [as per reg. at/AHvd1) guidelines for funds. 29. Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 . These regulations aim to position GIFT IFSC as a May 14, 2025 · Owing to the current shift to cater to global financial institutions and investment funds, the International Financial Services Centre ("IFSC") zone in Gujarat International Finance Tec-City ("GIFT") has seen a notable boost in the number of Fund Management Entities ("FMEs") and funds. (1) In these regulations, unless the context otherwise requires, ─ (1). Jun 12, 2024 · Ans. 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. Accessibility Options. These regulations have been published in the Official Gazette of Government of India on March 23, 2015 vide Notification No. G. (B. 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. Venture Capital Fund Regulations. 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. 4. The New Listing Regulations have been drafted to give an impetus to listing of equity May 14, 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. Rules and regulations to be laid before Parliament. These measures ensure that IFSC banking units maintain financial discipline, manage risks effectively, and contribute to the growth of India’s financial sector. 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 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 28. -In case of schemes which are required to appoint custodian in IFSC in terms of the abovementioned provision, if any agreement has been entered into with a custodian which is not based in IFSC as on the date of notification of these regulations, such schemes shall be required to appoint custodian in IFSC within twelve (12) months 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 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. For Objectives of IOI Dec 4, 2018 · • Registration process: a fund set up in IFSC in the form of a trust or a company or a limited liability partnership or a body corporate, can seek registration under the provisions of SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations) under the categories mentioned in the AIF Regulations. Scheme for setting up of IFSC Banking Units (IBU) by foreign banks already having a presence in India. 30. The Authority in its meeting held on June 27, 2024 approved the New Listing Regulations. 5. Power to modify provisions of other enactments in relation to International Financial Services Centres. Find events calendar, all past and future results, ranking, IFSC news, photos, videos. the fund management industry in IFSC and add another dimension to its growth. 17. Jul 12, 2023 · On 7-7-2023, the International Financial Services Centres Authority (‘IFSCA’) notified the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2023 to amend the International Financial Services Centres Authority (Banking) Regulations, 2020. Capital Gains Tax Exemptions Transfers of specified securities listed on the GIFT IFSC exchanges by non-residents are exempt from capital gains tax. 2(1)(f) of FC Regulations] “2(1)(e). Small Text On September 1, 2020, the IFSCA issued the IFSCA (Insurance) Regulations, 2020, for regulating the insurance sector in the IFSC. The Regulations provide for a comprehensive framework governing a host of fund management activities in IFSC, ranging from various types of private investment funds, special situations funds, mutual funds, hedge funds, portfolio management services, ETFs, family offices, REITS and InvITs. 339/2015/RB dated March 02, 2015 setting out RBI regulations relating to financial institutions set up in International Financial Services Centres (IFSC). Kanungo) Principal Chief General Manager Published in the Official Gazette of 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. The BATF Regulations were notified following the Government of India's notification. 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 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. The following definitions has been inserted: Date Title View Download; 31/03/2021: International Financial Services Centres Authority (Finance Company) Regulations, 2021: 31/03/2021: International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021 The Regulations introduce provisions allowing dual listings in India for companies having their securities listed outside the IFSC or on foreign bourses. Aug 20, 2024 · 4. 2(1)(e) of FC Regulations] Finance Unit [as per reg. This would mean that funds set up (1) These Regulations may be called the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. 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). 34. Management (International Financial Services Centre) Regulations, 2015 setting out RBI regulations relating to financial institutions set up in International Financial Services Centres (IFSC). The Regulations provide that any company which has its securities listed in India (outside IFSC) or in a foreign jurisdiction, may list its securities on a IFSC Stock Exchange by Jul 27, 2022 · III. IV. Regulations) have been notified in the official gazette on June 6, 2024. The Reserve Bank has issued a notification under FEMA vide Notification No. 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 • 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 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 About IFSCA International Financial Services Centres Authority. S. May 26, 2025 · In this context, the International Financial Services Centres Authority introduced the KYC Registration Agency (KRA) Regulations, 2025 to govern the functioning of KRAs within the IFSC. 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;] 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 Feb 10, 2025 · Explanation II. We take care your business earns goodwill and reputation by standing out as a compliant-centric company. THE FIRST SCHEDULE THE SECOND SCHEDULE Feb 26, 2025 · Family Office in GIFT IFSC & Setting up FIF 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 May 5, 2022 · 1 Please note the FME Regulations provide a comprehensive framework for the regulation of asset management industry in the IFSC. Extending SEBI LODR obligations to unlisted public companies getting listed on IFSC will be unreasonable. For instance, a registered FME, intending to undertake the activities of a distributor, will now be (1) These regulations shall be called the International Financial Services Centres Authority (Fund Management) Regulations, 2022. (1) In these regulations, unless the context otherwise requires, ─ Special Economic Zone businesses are subject to exclusive laws such as the SEZ Act, IFSC Regulations, etc. 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”). In order to have direct oversight over the fund manager and in line 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. (2). 02/03/2015. Screen Reader. The BATF regulations establish a comprehensive regulatory framework for providing book-keeping, accounting, taxation, and financial crime compliance services from the IFSC. P. 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. 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. The provisions came into force on 13-2-2025. R. (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. We also examine your current policies and procedures to detect room for enhancement. “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: India Inx-India International Exchange IFSC Ltd. 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 ANNEX II. FEMA. BATF Service Provider means any entity registered under these Regulations to undertake the following: Feb 21, 2025 · On 10-2-2025, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Fund Management) Regulations, 2025 repealing the International Financial Services Centres Authority (Fund Management) Regulations, 2022. The former entity (Finance Company) is incorporated separately, while the latter (Finance Unit) is established as a branch under the regulations. 32. Mar 27, 2025 · The New CMI Regulations provide the revised regulatory framework for registration, regulation and supervision of capital market intermediaries set up in the IFSC, based on experience gained, stakeholder consultation and benchmarking with global standards. 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. Power to make regulations. 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’). 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 Jun 28, 2024 · The prudential norms encompass liquidity ratios, leverage ratios, exposure ceilings, and currency regulations. , in addition to Indian laws and regulations. Cups and Cup events may carry the following additional designations: Official website of the International Federation of Sport Climbing. These regulations may be called the International Financial Services Centres Authority (Finance Company) Regulations, 2021. The publication of the FM Regulations 2025 in official gazette today marks the culmination of this review exercise. 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). Sep 13, 2024 · Get an overview of International Financial Services Centres (IFSCs) regulations in India. SNAPSHOT OF THE FM REGULATIONS . At present, the GIFT IFSC is the maiden international financial services centre in India. 218 (E) dated March 2 Jan 29, 2025 · Key Highlights of the Notification 1. ] to replace the existing IFSCA (Issuance and Listing of Securities) Regulations, 2021 with the New Listing Regulations. [ 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. 2. While easing compliance for FMEs, the new regulations also implement stronger safeguards for investor protection, marking a positive step in GIFT 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 Exchange Control Regulations Units within the GIFT IFSC are exempt from Indian exchange control regulations, thereby simplifying financial transactions. 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. euiml tvalv keyyh qjh aut nzq qjqiu cqfdsg kmsyir qdyj