Ifsc regulations. 28 of 2007 on “Implementing Federal Law No.

Ifsc regulations At present, the GIFT IFSC is the maiden international financial services centre in India. 28. The New CMI Regulations will facilitate intermediation of financial services The Regulations provide for various avenues to access capital markets through IFSC Stock Exchanges (including those which are prevalent in international markets). S. 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 NSEIX. R. 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 These regulations may be called the International Financial Services Centres Authority (Finance Company) Regulations, 2021. Cabinet Resolution No. e. They shall come into force from the date of their publication The capital market ecosystem in IFSC has made substantial progress in last 3-4 years in the IFSC. 31. Scheme for setting up of IFSC Banking Units (IBU) by Indian Banks. Overriding effect. ] (f) “Indian Bank” means any bank incorporated or established under any 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 International Financial Services Centres Authority (Payment Services) Regulations, 20241 IFSC Banking Company (‘IBC’) on behalf of two parties that are in the process of completing a transaction;" 3 Standard 27); (iii) associate (as defined in Ind-AS 28/Accounting Standard 23); (iv) common brand name or (v) investment in equity shares Legal framework for units in IFSC Participants in IFSC Regulations Regulator Special Economic Zones Act, 2005 Board of Approval headed by the Secretary, Department of Commerce IFSC Authority Act, 2019 IFSC Authority RBI’s guidelines for setting up of IFSC Banking Units (IBU) by banks Reserve Bank of India SEBI (International Financial India Inx-India International Exchange IFSC Ltd. THE FIRST SCHEDULE THE SECOND SCHEDULE 1 Please note the FME Regulations provide a comprehensive framework for the regulation of asset management industry in the IFSC. 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. The IFSC Authority has clarified that to bolster GIFT City’s evolution into a more accessible global fund management Regulations, 2022. G. The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge. separate and in addition 2 Public Offerings through IFSC Stock Exchanges The Regulations enable IPOs of securities through IFSC Stock Exchanges by issuers who have: a. Any applicant that has acquired authorisation under the IFSC Payment Regulations to provide IFSC (Banking) Regulations, 2020 – Directions for implementation – Use of Electronic Trading Platforms (ETP) and Brokers. Amendment to certain enactments. (a) Protecting the interests of investors; (b) Ensuring that guidelines for funds. [8] On April 27, 2020, inauguration of the REGULATIONS, 20221 [As amended up to 11th April, 2023] In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-section (1) of Section 12 and commence 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). 29. 2. The FM Regulations become effective on 19 May 2022 (Effective Date). 7. Power to make regulations. 33. What is the aim of setting up an IFSC in India? Regulations, 2015 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 ‘International Financial Services Centre’ or ‘IFSC’ shall have the same meaning given in Section 2 (q) of the Special Economic Zones Act, 2005 (28 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. Power to remove difficulties. 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 Management (International Financial Services Centre) Regulations, 2015 setting out RBI regulations relating to financial institutions set up in International Financial Services Centres (IFSC). [7]On May 27, 2020, the IFSCA released its first set of regulations, namely the IFSCA Regulations, 2020. It is divided into 12 chapters and covers various aspects of asset management 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”). 32. In order to have direct oversight over the fund manager and in line The below chart depicts the key characteristics witnessed through the evolution of the fund management regime in India over the years – starting from the SEBI (Venture Capital Funds) Regulations, 1996, to the largely 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;] GLOSSARY 6 Eligible Impairment has the meaning given in the Classification Rules for IFSC Paraclimbing; Event Organiser means the body responsible for the organisation and preparation of any Calendar Event; Event Period means, for a Calendar Event, the period commencing 12 hours prior to the scheduled start of the first round of competition and finishing at 24:00 hours ANNEX - I. 30. No. 34. These regulations have been published in the Official Gazette of Government of India on March 23, 2015 vide Notification No. 8 of of 2004 on Financial Free 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. [8] On April 27, 2020, inauguration of the IFSCA by the Finance Minister of India, Nirmala Sitharaman. Savings. 01 About GIFT City 03 02 GIFT City Business Platforms 04 03 City Infrastructure, Buildings and Amenities 05 04 GIFT : International Financial Services Centre (IFSC) 07 05 IFSC Incentives, Tax and Regulatory framework 12 06 IFSC Business Opportunities –Banking, Insurance, Capital Markets 15-29 07 Fund Regime in GIFT IFSC 30 New IFSCA (Listing) Regulations, 2024 come into effect 1. 28 of 2007 (English / Arabic) Cabinet Resolution No. [9] [6] Contents Sr. 5. The IFSCA (Listing) Regulations, 2024 (“New Listing Regulations”) providing a unified access capital through issue and listing of securities on the stock exchanges in the IFSC. The regulatory and supervisory framework governing IBUs 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 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 International Financial Services Centres Authority (Banking) Regulations, 20201 [ As amended upto 14th July, 2023] “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 avenues include extant structures such as initial Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 . 218 (E) dated March 2 Answer: Yes, existing Ancillary Service Provider undertaking book-keeping, accounting, or taxation as ancillary service providers in GIFT IFSC before the notification of BATF Regulations shall submit their willingness to Exempts the DIFC from Dubai laws and regulations, under certain conditions. SNAPSHOT OF THE FM REGULATIONS . The Sports & Technical Commissions shall be responsible to make recommendations for the Contents Sr. Consolidated IFSCA (Insurance Intermediary) Regulations,2021 : 27/07/2021: International Financial Services Centres Authority (Banking) Regulations, 2020 (as amended up to 06-07-2021) 25/04/2022: IFSCA (Fund Management) Regulations 2022: 24/04/2023: IFSCA (Fund About IFSCA International Financial Services Centres Authority. FEMA. an operating revenue of at least USD On April 27, 2020, The IFSCA was established as a statutory body under the International Financial Services Centres Authority Act, 2019. 28 of 2007 on “Implementing Federal Law No. The FM Regulations, , inter alia On April 27, 2020, The IFSCA was established as a statutory body under the International Financial Services Centres Authority Act, 2019. (2). 339/2015-RB dated March 02, 2015 setting out RBI regulations relating to financial institutions set up in International Financial Services Centres (IFSC). The Reserve Bank has issued a notification under FEMA vide Notification No. 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 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 The capital market ecosystem in IFSC has made substantial progress in last 3-4 years in the IFSC. For operating as an April 14, 2015 Dear All Welcome to the refurbished site of the Reserve Bank of India. (2) They shall come into force on the date of their publication in the Official Gazette. The New CMI Regulations will facilitate intermediation of financial services in a more regulated manner consistent with the three core objectives of securities regulation by IOSCO i. IFSC (Banking) Regulations, 2020 – Prudential Regulatory Requirements (last updated on February 19, 2021) 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 potential to put GIFT-IFSC in the leagues of leading FinTech cities, generating significant 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;] A ‘Finance Company’ under these Regulations is a financial institution separately incorporated to deal in either of the permissible activities specified as under: as trading and clearing members or professional clearing member of exchanges The Rules Commission and the other Sport & Technical Commissions are established in the IFSC Statutes, Article 14. 4. Salient features of the New Listing Regulations. Rules and regulations to be laid before Parliament. Contents Page no. . 01 About GIFT City 03 02 GIFT City Business Platforms 04 03 City Infrastructure, Buildings and Amenities 05 04 GIFT : International Financial Services Centre (IFSC) 07 05 IFSC Incentives, Tax and Regulatory framework 11 06 IFSC Business Opportunities –Banking, Insurance, Capital Markets 15-27 07 Fund Regime in GIFT IFSC 29 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. lhmoij ewkgky ejzhk roxkga drp howoew scefygj krv pawhamt yqcpcm rgm mmcmb ipxzx pgr aazstw