Consultation Paper on Regulatory Framework for Accredited Investors in IFSC

LegalitySimplified

IFSCA has issued a Consultation Paper on Regulatory Framework for Accredited Investors in IFSC. As per the proposal, the Regulated Entities, which intend to accept an investor as an Accredited Investor, shall ensure that:

  1. They lay down adequate procedures and internal policy for verifying and periodically reviewing the eligibility of such investor.
  2. They take all reasonable steps to verify that such investor meets or continues to meet the eligibility criteria.
  3. They keep and maintain the records of verification and review of such investor for the entire duration of relationship with such investor and thereafter in electronic retrieval form for a minimum period of ten years.
  4. They ensure complete confidentiality of investor’s information and compliance with applicable laws while seeking and storing information of investor. Notwithstanding the same, the information related to investor shall be made available to IFSCA as and when desired for its regulatory purpose.
  5. For verification of eligibility of a body corporate and trust, the Regulated Entities may rely on —
    i. their most recent audited financial statement, which date shall be within the preceding 12 months; or
    ii. where the body corporate or trust is not required to prepare audited financial statements, a balance sheet certified by an authorised person of such body corporate or trust as giving a true and fair view of its state of affairs as of the date of the balance sheet, which date shall be within the preceding 12 months;

Comments may be sent by email to Mr. Aditya Sarda, Deputy General Manager, IFSCA at aditya.sarda@ifsca.gov.in with a copy to Mr. Pavan Shah, General Manager, IFSCA at pavan.shah@ifsca.gov.in latest by December 07, 2023.

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